MANILA, Philippines — Sy-led BDO Unibank Inc. has partnered with Osaka-based Resona Bank Group to support Japanese companies intending to establish or expand their presence in the Philippines.
In a statement, BDO said the partnership with Japan’s fourth largest bank would allow the listed bank to tap and support the banking needs of Resona Bank’s clients operating in the Philippines.
BDO has a reputable Japan Desk, which is dedicated to support Japanese companies operating in the country, as well as help provide the bank requirements of Japanese clients.
Under the memorandum of understanding (MOU) signed Tuesday, BDO said the partnership would potentially increase the bank’s support to Japanese companies doing business in the country, particularly those located in various industrial zones.
BDO, owned by the family of the late retail and banking magnate Henry Sy, has the country’s largest distribution network, with over 1,400 consolidated operating branches and more than 4,400 ATMs nationwide. It also has 16 international offices (including full-service branches in Hong Kong and Singapore) in Asia, Europe, North America, and the Middle East.
Resona’s affiliated banks, including Resona Bank Ltd., Saitama Resona Bank Ltd., Kansai Mirai Bank Ltd., and Minato Bank Ltd will participate in the business alliance deal with BDO.
Resona is the latest in the list of Japanese financial institutions that has partnered with BDO given the local bank’s strong position in the Philippine banking sector.
Resona is the fourth largest universal city bank with full-line trust and real estate capabilities in Japan. Its strong customer base is centered primarily in the Tokyo metropolitan area and the Kansai area, where economic activity and population are concentrated.
“Through this alliance, we will strengthen the system that can respond to various issues such as support for the advancement of customers who are highly interested in the Philippines and financing and trade finance after the advancement,” the Resona Group said in a separate statement.
Meanwhile, BDO said it has not amended its terms and conditions after the hacking incident wherein several clients incurred financial losses due to unauthorized fund transfers to several accounts under the fictitious name Mark Nagoyo in Aboitiz-led Union Bank of the Philippines.
“There was no added clause due to the recent incident. BDO made exceptions and shouldered the losses not caused by the clients to maintain good customer relationship even if the bank is not legally liable,” it said.
The bank said liability clause is a regular compliance in the banking industry and has been part of the normal compliance of the bank for long time.