BDO Unibank, Inc. (BDO) has completed the buyout of its partner Nomura Holdings, Inc.’s (Nomura) ownership in BDO Nomura Securities, Inc, (BDO Nomura) following an earlier announcement terminating their joint venture (JV) arrangement.
In a disclosure to the Philippine Stock Exchange, BDO said its wholly-owned subsidiary BDO Capital & Investment Corporation (BDO Capital) has acquired Nomura’s 49 percent stake in BDO Nomura.
With this acquisition, BDO Nomura will then be merged with BDO Securities Corporation (BDO Securities), with the latter as the surviving entity.
BDO Securities will be reorganized into a full service brokerage firm with an expanded product offering to include non-equity securities.
Prior to the acquisition, BDO owned 51 percent of BDO Nomura, with Nomura (through Nomura Asia Investment (Singapore) Pte. Ltd.) holding the remaining 49 percent. The original joint venture arrangement was inked in January 2016, with BDO Nomura commencing operations in October 2016.