Nomura Forms Brokerage Venture With Philippines’s BDO Unibank

Nomura Holdings Inc. agreed to invest in a brokerage unit of BDO Unibank Inc., the biggest Philippines lender, to provide online trading services in the Southeast Asian nation.

Japan’s largest securities firm will hold 49 percent of PCIB Securities Inc., which will have capital of 254 million pesos ($5.6 million), Nomura said in a statement on Monday. BDO Bank will own the rest.

The venture, which will start with 16 employees, will initially focus on providing online trading of local stocks to Philippine individuals, Kenji Yamashita, a Tokyo-based spokesman for Nomura, said by phone.

“The Philippines is one of the fastest growing markets for the retail brokerage business in Asia,” Nomura said in the statement. “Going forward, the new company will also provide services to a broad range of investors looking at cross-border investment opportunities.”