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Manila Bulletin devider Business devider Banking & Finance devider BPI, Mizuho Bank renew MOU to boost Japanese-PH M&As

BPI, Mizuho Bank renew MOU to boost Japanese-PH M&As

Published Feb 13, 2024 08:35 am

Ayala-led Bank of the Philippine Islands (BPI) said it will continue its business collaboration with Mizuho Bank Ltd. to facilitate more deals such as mergers and acquisitions (M&As) between Philippine and Japanese companies.

“This renewed agreement between Mizuho and BPI reflects the resilience and growth of our relationship over the years,” said BPI president and CEO Jose Teodoro “TG” Limcaoco in a statement on Tuesday, Feb. 13.

He said the fresh memorandum of understanding (MOU) between the two banks will encourage the expansion of Japanese businesses through M&As, asset management, human resources, and ESG “in its broader scope of operation.”

For his part, Mizuho Bank co-CEO for Asia Pacific and managing executive officer Yasuhiro Kubota said there will be more collaborations with BPI that are in the works.

“Our first agreement with BPI was signed in 2012, and since then, the business environment has undergone significant changes. With the renewed partnership, it is time to strengthen both our capabilities to better serve a larger customer base,” he said.

Mizuho Bank is one of Japan’s global bank while BPI is the country’s fourth largest lender.

The 12-year business cooperation between the two banks center on financial services to Japanese companies that have business plans for the Philippines.

“The collaboration focuses on local currency services, introduction of local and sales partners, mutual efforts in developing credit markets, and information exchange on local financial markets and regulations,” said BPI.

By the end of 2023, there are 1,400 Japanese companies with Philippine operations. Japan is a major source of foreign direct investments.

BPI said it currently services 500 Japanese companies in the country, offering trade products, providing investment opportunities, and lending for capital expenditures and working capital requirements.

“BPI also supports the well-being of the companies’ employees by facilitating monthly payroll, providing health and insurance coverage, and assisting with retirement planning. Additionally, the bank extends support to their suppliers and customers through supply chain products and solutions,” it added.

Last year, BPI posted a net income of P51.7 billion, up by 30.5 percent year-on-year. Total assets reached P2.9 trillion, up 10 percent year-on-year.

BPI has merged with the Gokongwei Group’s Robinsons Bank Corp. with the former as the surviving entity. The merger took effect last Jan. 1, 2024.

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