BDO Unibank said on Tuesday it has entered a business cooperation deal with Japan’s Shinkin Central Bank (SCB) to benefit the Japanese bank’s small and medium enterprises (SME) clients already operating in the Philippines and those eyeing the country as a potential investment destination.
In a statement, BDO said it plans to provide banking services which may include financial facilities, cash management and payment services, foreign exchange and other treasury products to SCB’s diversified SME clients.
Hiroshi Sudo, managing director of SCB, signified confidence that the business partnership established between the two banks will be beneficial and will strengthen further the economic ties between the two countries.
“BDO is the most desirable partner, which is what our customers are looking for,” Sudo was quoted as saying at the recent signing ceremony of the memorandum of understanding between BDO and SCB.
Founded in 1950, SCB functions as the central financial institution in Japan for the cooperative regional financial institutions, known as shinkin banks.
It occupies a well-established position in Japan’s financial industry as it supports the growth of the shinkin banking industry, which serves SMEs and local residents whose membership totals 264 nationwide.
Besides nationwide coverage, SCB has a subsidiary in London and four representative offices in New York, Hong Kong, Shanghai and Bangkok.