BDO Unibank Inc., the country’s biggest lender, was chosen by Bank of Fukuoka Ltd., Japan’s third-largest regional bank, as its partner in the Philippines to serve the needs of Japanese clients if they decide to expand their business or set up shops here.
BDO said in a statement Monday the partnership was a milestone for the bank as no Japanese regional bank in the Kyushu region had aligned with any Philippine bank in the past.
Kyushu accounts for almost 10 percent of Japan’s gross domestic product and total population and one of the major centers of production for the automotive, integrated circuits, agriculture and food industries. It is home to the Fukuoka Prefecture where BoF is based.
Founded in 1942, BoF has 170 branches and representative offices in Dalian, Shanghai, Hong Kong, Taipei, Bangkok, Singapore, Ho Chi Minh City and New York.
BDO since 2013 has sealed agreements with several Japanese regional banks strategically situated in the various prefectures of the world’s third-largest economy. These banks are serving as conduits of their clients which are currently doing business in the Philippines or looking at the country as their next business hub.
“Said undertakings were considered a byproduct of the previous MoU entered into by BDO with the Japan Bank for International Cooperation essentially promoting the development and strengthening of a framework to support Japanese mid-tier companies as well as SMEs through JRBs,” BDO said.
BDO has an established Japan desk dedicated to serve Japanese companies operating in the country, as well as provide the retail requirements of Japanese customers.
BDO expects a record P31-billion net income following a remarkable performance in 2017.