BANCO de Oro Unibank Inc. (BDO), majority-owned by the country’s richest man and mall developer Henry Sy, signed a joint venture deal on Wednesday with Nomura Asia Investment (Singapore) Pte. Ltd. for PCIB Securities Inc.
PCIB Securities Inc., a securities dealer and broker with a seat in the Philippine Stock Exchange (PSE), will be renamed BDO Nomura Securities Inc., following the agreement.
With the transaction, BDO said it would own 51 percent of the joint venture, with Nomura holding the remaining 49 percent.
Subject to regulatory approval, Koichi Katakawa will be heading the joint venture firm as president.
“The joint venture intends to leverage on the strength of both companies to create a strong platform to serve a fast-growing market,” BDO said in a statement.
BDO’s market leadership and wide distribution network will complement Nomura’s strength in asset management, equity research, and investment banking, BDO said.
BDO Nomura will initially provide online trading services for local stocks to individual investors, and eventually expand its services to a broader client base, according to BDO.