BDO completes BDO Nomura takeover

BDO Unibank Inc. on Thursday said it has completed the takeover of BDO Nomura Securities Inc., effectively terminating the joint venture arrangement with Nomura Holdings Inc.

With the takeover, BDO said the BDO Nomura will then be merged with BDO Securities Corp., with the latter as the surviving entity moving forward.

"BDO Securities will be reorganized into a full-service brokerage firm with an expanded product offering to included non-equity securities," it said in an emailed statement.

Prior to the takeover, BDO owned 51% of the stake under the original joint venture agreement, while Nomura Holdings, through Nomura Asia Investment (Singapore) Pte. Ltd., held the remaining 49%.

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

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, Italy, Japan, Canada, and Macau.

The bank ended 2019 as the Philippines' largest bank in terms of assets worth P3.069 trillion. — RSJ, GMA News