BDO Unibank has entered into a business alliance with Japan’s fourth largest bank Resona Bank Group (Resona) that would allow it to tap and support the banking needs of RBG’s clients operating in the Philippines.
The agreement was formalized via a memorandum of understanding effective Dec. 21, 2021.
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.
Its business alliance deal with BDO will be participated in by Resona’s affiliated banks, namely, Resona Bank Ltd., Saitama Resona Bank Ltd., Kansai Mirai Bank Ltd., and Minato Bank Ltd. 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.
For BDO, the partnership with Resona can potentially increase its support to Japanese companies doing business in the country, particularly those located in various industrial zones.
The country’s largest bank by total assets, loans, deposits, trust funds and capitalization, to date, BDO has a reputable Japan Desk dedicated to support Japanese companies operating in the country, as well as help provide the bank requirements of Japanese clients.