BDO to buy out Nomura from securities joint venture

Sy-led BDO Unibank Inc. on Tuesday announced plans to buy out Nomura Holdings Inc. from the joint venture BDO Nomura Securities Inc.

In a statement, BDO said it planned to acquire the 49% stake of Nomura in BDO Nomura Securities, held through Nomura Asia Investment (Singapore) Pte. Ltd.

At present, BDO owns 51% of the stake under the original joint venture agreement inked in January 2016. BDO Nomura commenced operations in October 2016.

"The transaction will enable BDO to consolidate its securities brokerage business into BDO Securities Corp., which is being reorganized into afull service brokerage firm with an expanded product offering to include non-equity securities," the lender said.

"The transaction is subject to further discussion and final agreements, in addition to any required corporate and regulatory approvals," it added.

BDO, through its subsidiaries, offers leasing and financing; investment banking; private banking; bancassurance; insurance brokerage; and stock brokerage services.

Aside from BDO Nomura, the lender counts as subsidiaries BDO Private Bank Inc., BDO Leasing and Finance Inc., BDO Capital & Investment Corp., and BDO insurance Brokers Inc.

It also has foreign subsidiaries in the US, Hong Kong, Italay, Japan, Canada, and Macau.

BDO ended 2019 as the Philippines' largest bank in terms of assets worth P3.069 trillion. -NB, GMA News