BDO, Nomura team up on PCIB Securities
THE COUNTRY’S largest lender Banco de Oro Unibank has teamed up with Nomura Holdings Inc. of Japan to jointly invest in PCIB Securities Inc., thereby beefing up this stock brokerage unit.
BDO announced that it had signed a definitive agreement with Nomura for a joint investment in PCIB. Under the terms of the agreement, BDO will hold a 51 percent stake and Nomura will own 49 percent of PCIB.
“The primary objective of the joint venture is to leverage on the strength of both companies to contribute to the growth of the Philippine capital markets and establish a strong platform to serve a fast growing market,” BDO said.
The joint venture will initially provide online trading services for local stocks to individual investors. It will eventually expand its services to include cross-border investment opportunities to a broader range of investors, the statement said.
The transaction is still subject to relevant regulatory approvals.//30
