Fukuoka Bank picks BDO as partner in PH

Japan’s third largest regional bank, Bank of Fukuoka, Ltd. (BoF), has chosen BDO Unibank as its partner-bank in the Philippines to service the needs of its clients should they decide to expand their business or set up shops here.

The partnership, sealed through a memorandum of understanding (MoU), is a milestone for BDO as no Japanese Regional Bank (JRB) in the Kyushu region has aligned with any Philippine bank in the past. The region accounts for almost 10% of Japan’s GDP and total population and one of the major centers of production for the automotive, integrated circuits, agriculture and food industries. It is home to the Fukuoka Prefecture where BoF is based.

Founded in 1942, BoF has 170 branches and representative offices in Dalian, Shanghai, Hong Kong, Taipei, Bangkok, Singapore, Ho Chi Minh City, and New York.

Since 2013, BDO has sealed agreements with several JRBs strategically situated in the various prefectures of the world's third largest economy. These JRBs are serving as conduits of their clients which are currently doing business in the Philippines or eyeing the country as their next business hub.

Said undertakings were considered a byproduct of the previous MoU entered into by BDO with the Japan Bank for International Cooperation (JBIC) essentially promoting the development and strengthening of a framework to support Japanese mid-tier companies as well as SMEs through JRBs.