SY-LED BDO Unibank Inc. on Wednesday announced its partnership with Japan’s Shizuoka Bank Ltd. (SB) to serve the banking requirements of its clients should they decide to expand their operations in the Philippines.
In a statement, BDO said its partnership with SB, Japan’s 10th largest bank, was sealed through the signing of a memorandum of understanding and is the first case of a Japanese regional bank (JRB) entering into a second non-exclusive understanding with a Philippine bank.
SB said most of its clients interested in investing in the Philippines are small and medium enterprises (SMEs).
Given BDO’s strong foothold across all markets, SB believes the former has the strongest capability to provide its clients the products and services suitable to their needs.
SB is the 10th Japanese bank that has tied up with BDO to date, joining eight other JRBs that have aligned independently or under Japan Bank for International Cooperation in 2013, and commercial bank Aozora Bank Ltd., which sealed a memorandum of understanding with BDO in May.
BDO said SB ranks third among the 64 JRBs based in the Shizuoka prefecture, which has progressed into a leading manufacturing area.
SB provides various banking and other financial services covering not only its home region but also Japan’s three major economic centers–Tokyo, Osaka and Nagoya.
It currently operates 174 branches and 25 sub-branches in Japan; three overseas branches in Los Angeles, New York and Hong Kong; two representative offices in Shanghai and Singapore; and, a subsidiary in Brussels.