<article>The Philippines&#8217; largest bank <a style="color: #000080;" href="https://www.bdo.com.ph/mobile/home">BDO Unibank Inc</a> and Japan&#8217;s <a style="color: #000080;" href="http://www.nomuraholdings.com/sp/">Nomura Holdings Inc</a> have agreed on Monday to form a new brokerage firm in Manila.</article>

The Philippines&#8217; largest bank <a style="color: #000080;" href="https://www.bdo.com.ph/mobile/home">BDO Unibank Inc</a> and Japan&#8217;s <a style="color: #000080;" href="http://www.nomuraholdings.com/sp/">Nomura Holdings Inc</a> have agreed on Monday to form a new brokerage firm in Manila.
Under the definitive agreement, Nomura will invest up to $5.69 million (¥700 million) in BDO&#8217;s wholly owned subsidiary PCIB Securities Inc.
The yet to be named JV firm will be a 51 per cent and 49 per cent split between BDO and Nomura, respectively. It will serve as an equity-method affiliate of Nomura and will be registered in Makati City, Metro Manila.
The new company will initially provide online trading services for local stocks to individual investors in the Philippines.
Also read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/bdo-to-acquire-full-control-of-life-insurance-co-gphc-gplac-7578/">BDO to acquire full control of life insurance co GPHC &amp; GPLAC</a>
&#8220;The primary objective of the joint venture is to leverage the strengths of Nomura and BDO to contribute to the further growth of the capital markets in the Philippines and establish solid earning foundations in this fast growing market,&#8221; Nomura said in its statement. &#8220;Going forward, the new company will also provide services to a broad range of investors looking at cross-border investment opportunities.&#8221;
Nomura added the new JV company is also part of its strategy to boost its presence in the Philippines and create further synergies overall between its retail and wholesale businesses in Asia.
Also read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/malaysias-khazanah-buys-2-bdo-unibank-1608/">Malaysia&#8217;s Khazanah buys 2% in BDO Unibank</a>
The Japanese financial services group does not expect the investment to have a material impact on its consolidated results. Nomura currently has an integrated global network in over 30 countries.
According to BDO, the partnership will bring synergies in all facets of retail, asset management and wholesale, investment banking and global markets.
BDO&#8217;s last trading price decreased 0.73 per cent or P0.80 to close at P108.10.
Also read: 
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/bdo-unibank-taps-emirates-nbd-remittances-1968/">BDO,Emirates NBD tie-up for remittances</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/edwin-reyes-appointed-evp-in-bdo-s-transaction-banking-group-7225/">Edwin Reyes appointed EVP in BDO&#8217;s Transaction Banking Group</a>

The Philippines' largest bank BDO Unibank Inc and Japan's Nomura Holdings Inc have agreed on Monday to form a new brokerage firm in Manila.

BDO, Nomura form new brokerage firm in PH

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

BDO, Nomura form new brokerage firm in PH

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief