The Market Monitor Minding the Nation's Business
Banco de oro Unibank Inc. (BDO) and the Japan Bank for International Cooperation (JBIC)-backed Fidea Holdings Co. Ltd.(Fidea Group) signed a memorandum of understanding to promote inward investments, mainly from Akita, Yamagata and Miyagi prefectures in the northern region of Tohoku in Japan.
“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 reported to the bourse.
BDO has been engaged in marketing and other services for Japanese companies operating in the country with the establishment in 2007 of a full-staff Japan Desk, whose personnel speak Japanese.
Fidea is a joint holding company between major Japanese regional banks Shonai Bank Ltd. (Yamagata) and Hokuto Bank Ltd. (Akita). Both banks have partnered with BDO under the JBIC framework in 2013, aimed at developing the support to the banking needs of Japanese enterprises eyeing the country as a business destination.
“The partneship with the Fidea Group will provide BDO adequate coverage in Japan’s northern region (Tohoku), specifically in Akita, Yamagata and Miyagi, where majority of the primary industries (agriculture, fishing, forestry, and mining) are located,” the BDO report said.