MANILA – Philippine listed bank BDO Unibank Inc (PSE:BDO) and Japanese financial institution FIDEA Holdings (FIDEA Group) further strengthened their business relationship through a memorandum of understanding (MoU) that will allow BDO to provide support to FIDEA’s clients planning to invest in the Philippines.
FIDEA is a joint holding company between major Japanese regional banks, The Shonai Bank Ltd (Yamagata prefecture) and The Hokuto Bank Ltd (Akita prefecture).
Both banks have partnered with BDO Unibank under the Japan Bank of International Cooperation (JBIC) framework in 2013. Said framework was developed to support the banking needs of Japanese enterprises eyeing the country as a business destination.
In a disclosure to the Philippine Stock Exchange, BDO Unibank Inc (PSE:BDO) said the partnership with the FIDEA Group will provide BDO Unibank adequate coverage in Japan’s northern region (Tohoku), specifically in Akita, Yamagata, and Miyagi prefectures, where majority of the primary industries are located.
“As a leading player in the local banking sector, BDO Unibank can 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,” the bank disclosed.
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. – BusinessNewsAsia.com