BDO Unibank Inc. said Thursday it successfully closed an agreement with Nomura Asia Investment (Singapore) Pte. Ltd., a wholly-owned subsidiary of Nomura Holdings Inc., for a joint venture in PCIB Securities Inc., a securities dealer and broker with a seat in the Philippine Stock Exchange.
BDO said that following the transaction, it would own 51 percent of the joint venture, with Nomura holding the remaining 49 percent. The firm will be renamed BDO Nomura Securities Inc. and will be headed by Koichi Katakawa as president, subject to regulatory approval.
BDO said the joint venture intended to leverage on the strength of both companies to create a strong platform to serve a fast-growing market.
BDO said its market leadership and wide distribution network would complement Nomura’s strength in asset management, equity research and investment banking. BDO Nomura will initially provide online trading services for local stocks to individual investors and eventually expand its services to a broader client base.