BDO Unibank Inc., the largest lender in the country led by the Sy Group, said Monday it signed a business alliance with Hyakujushi Bank Ltd. based in Kagawa Prefecture in Japan, becoming its 16th partnership with Japanese banks.
BDO said in a disclosure to the stock exchange the alliance was done through a memorandum of understanding with HBL.
“This MOU with April 3, 2023 as the mutually agreed execution date aims to further strengthen the relationship between these two banks, as BDO provides banking support services to Japanese business entities who are HBL customers and have existing operations or plan to build or expand their businesses in the country,” BDO said.
HBL, with 132 branches including satellite offices and commercial banking services, is the 16th Japanese bank which teamed up with BDO.
BDO over the past 10 years sealed partnerships with several Japanese regional banks strategically situated in various prefectures of Japan, the world’s third largest economy.