Japan’s 3rd largest bank ties up with BDO

Bank of Fukuoka Ltd. has tapped BDO Unibank Inc. as its partner-bank to service the needs of its clients should they decide to expand their business or set up shops in the Philippines.

The partnership with the third largest regional bank in Japan is a milestone for BDO as no Japanese regional bank in the Kyushu region has aligned with any Philippine bank in the past.

The region accounts for almost 10 percent of Japan’s gross domestic product (GDP) and total population and one of the major centers of production for the automotive, integrated circuits, agriculture and food industries.

Bank of Fukuoka was founded in 1942 and currently has 170 branches and representative offices in Dalian, Shanghai, Hong Kong, Taipei, Bangkok, Singapore, Ho Chi Minh City, and New York.

BDO has sealed agreements with several Japanese regional banks strategically situated in the various prefectures of the world’s third largest economy since 2013.

The largest bank in the Philippines owned by retail and banking magnate Henry Sy said the partner banks in Japan would serve as conduits of their clients doing business in the Philippines or eyeing the country as their next business hub.

The partnerships emerged from the previous memorandum of understanding 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 small and medium enterprises (SMEs) through Japanese regional banks.

BDO has an established Japan Desk dedicated to service Japanese companies operating in the country, as well as provide the retail requirements of Japanese customers.