BDO firms up partnership with major Japanese banks

BDO Unibank Inc. has firmed up its partnership with a group of Japanese banks to support the government’s efforts to entice more foreign companies to invest in the Philippines.

BDO signed a memorandum of understanding with FIDEA Holdings Co. Ltd. to strengthen further its business relationship with major Japanese regional banks, The Shonai Bank Ltd. (Yamagata prefecture) and The Hokuto Bank Ltd. (Akita prefecture).

Under the partnership, BDO would provide support to clients of the FIDEA Group who are planning to invest in the Philippines.

Both Japanese banks have partnered with BDO under the Japan Bank for International Cooperation (JBIC) framework in 2013 that aims to support the banking needs of Japanese enterprises eyeing the country as a business destination.

BDO said the tie up with the FIDEA Group would provide the Sy-led bank adequate coverage in Japan’s northern region (Tohoku), specifically in Akita, Yamagata and Miyagi prefectures where majority of the primary industries such as agriculture, fishing, forestry, mining are located.

As a leading player in the local banking sector, BDO could provide the Japanese clients financial and non-financial advisory services, and other products and services that would be helpful to them should they decide to set up shop in the Philippines.

Since 2007, BDO has established a fully staffed Japan desk, with Japanese-speaking personnel, dedicated to market and service Japanese companies operating in the Philippines, and service the retail needs of Japanese customers.

Earnings of BDO rose 5.4 percent to P17.6 billion in the first nine months from P16.7 billion in the same period last year amid the challenging operating environment brought about by uncertainties from the impending interest rate lift-off in the US and the economic slowdown in China.

The bank attributed the increase to the solid expansion of its core businesses despite the challenging operating environment.

BDO has more than 1,000 operating branches and over 3,000 ATMs nationwide. It has an overseas branch in Hong Kong as well as 27 overseas remittance and representative offices in Asia, Europe, North America and the Middle East.