BDO prexy Nestor Tan
The country’s largest lender, BDO Unibank Inc. (BDO), will buy out the 49 percent stake held by Japanese conglomerate Nomura Holdings Inc. in their Philippine stock brokerage venture.
BDO announced on Tuesday an agreement on the fundamental principles to buy out Nomura’s entire holdings in BDO Nomura Securities Inc. (BDO Nomura).
BDO currently owns 51 percent of BDO Nomura, a venture that was created in 2016.
“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,” BDO said.
The transaction is subject to further discussion and final agreements, in addition to any required corporate and regulatory approvals.