BPI-Mizuho partnership renewed
BANK of the Philippine Islands (BPI) has renewed a partnership with Mizuho Bank, Ltd. that allows BPI to offer financial services to Japanese companies planning to enter the Southeast Asian nation.
Under the deal, BPI will help Japanese businesses in mergers and acquisitions, asset management, human resources and environmental, social and governance framework, BPI President and Chief Executive Officer (CEO)Jose Teodoro K. Limcaoco said in a statement on Tuesday.
These services include local currency, the introduction of local sales partners, developing credit markets and information exchange on local financial markets and regulations.
BPI said it has been serving more than 500 Japanese companies in the country, offering trade products, providing investment opportunities and lending for capital expenditure and working capital requirements.
The Ayala-led bank also facilitates their monthly payrolls, provides health and insurance coverage, helps with retirement planning and offers supply chain solutions.
BPI and Mizuho, which started the deal in 2012, are seeking to better serve a larger customer base, Yasuhiro Kubota, Mizuho Bank managing executive officer and co-CEO for the Asia-Pacific region, said in the statement.
BPI said there were about 1,400 Japanese companies operating in the Philippines as of last year, adding that 60% of the country’s foreign direct investments come from Japan.
BPI’s fourth-quarter net income rose by 44.3% to P13.1 billion from a year earlier as revenue increased and loss provisions declined. Full-year profit increased by 30.5% to P51.7 billion.
Its shares dipped by 0.96% or P1.10 to close at P113.50 each.