BDO, Nomura seal joint venture deal

BDO Unibank, Inc. on Wednesday closed a joint venture agreement with Nomura Asia Investment (Singapore) Pte. Ltd., a wholly-owned subsidiary of Nomura Holdings Inc.

The deal covers PCIB Securities Inc., a stock brokerage with a seat on the Philippine Stock Exchange.

BDO will own 51 percent of the joint venture, with Nomura holding 49 percent, the bank said in a statement.

PCIB Securities will be renamed BDO Nomura Securities Inc., and will be headed by Koichi Katakawa as president. The deal is still subject to regulatory approvals.

The joint venture intends to leverage on the strength of both companies to create a strong platform to serve a fast-growing market.

BDO’s market leadership and wide distribution network will complement Nomura’s strength in asset management, equity research and investment banking, the bank said.

BDO Nomura will initially provide online trading for local stocks to individual investors, and eventually expand its services to a broader client base. – VS, GMA News