BDO Unibank widens Japan remittance business

The listed Sy-led lender said in a statement sent to reporters that it opened a BDO Remit office in Zenken Plaza II, Shinjuku-ku, Tokyo. BDO Remit is the remittance service brand of BDO Unibank.

“As one of the world’s largest economies, Japan has steadily become among the major sources of overseas Filipino remittances over the years,” the bank said.

It added that BDO Remit Japan is offering three methods of sending remittance to the Philippines: visit and register at BDO Remit Japan office; transfer funds to BDO Remit Japan accounts by visiting any branch or automated teller machines of its partner banks — Japan Post Bank, Sumitomo Mitsui Banking Corp. and Bank of Tokyo-Mitsubishi UFJ — then transfer cash including the remittance fees to BDO Remit’s account number in the said banks and BDO Remit Japan will then send the funds to the beneficiaries in the Philippines upon validation of the fund transfer.

Remitters may also send money through BDO Remit’s partners across Japan, including iRemit, Japan Remit Finance and UAE Exchange.

BDO said beneficiaries could opt to receive the remittances by opening a “Kabayan Savings Account” with BDO, option to get the remittance through cash pick-up at any branch of BDO and at BDO Remit counters of The SM Store, SM Business Service Centers, and Global Pinoy Centers. Beneficiaries in Visayas and Mindanao, can claim money at any of the over 100 branches of One Network Bank, the rural bank subsidiary of BDO.

BDO Remit has six remittance offices located in Hong Kong, Macau and the newly opened office in Japan; three representative offices in Singapore,Taiwan and Korea; and a full branch in Hong Kong.

In the Middle East, BDO Remit has one representative office in the United Arab Emirates and two remittance offices in North America particularly in California. In Europe, it has presence in the United Kingdom, Austria, France, Italy, Ireland, Spain, and Germany with a total of 12 remittance offices in the said countries; and one representative office in France.

In a related development, BDO told the Philippine Stock Exchange that the car financing venture between BDO Leasing and Finance, Inc., a listed subsidiary of BDO Unibank and Mitsubishi Motors Philippines Corp. (MMPC), Sojitz Corp. (SJC), and JACCS Co. Ltd. has hurdled another regulatory hurdle allowing it to provide financing services to Mitsubishi vehicle buyers.

In a disclosure to the Philippine Stock Exchange, the Sy-led BDO said the Securities and Exchange Commission approved the incorporation and registration of MMPC Auto Financial Services Corp. as a financing company.

BDO earlier said its leasing unit will own 40% while Sojitz/MMPC/JACCS together will hold a 60% stake in the joint venture, to be named MMPC Auto Financial Services Corp.

BDO said MMPC Auto Financial Services Corp. harnesses the partners’ complementary strengths, to take advantage of the sustained growth in vehicle sales, on the back of increasing consumer affluence and a growing population.

BDO Leasing said in an earlier press release that it “will be leveraging on its parent company’s wide distribution network and industry leadership, which are seen to complement MMPC’s established presence in the automotive industry, while both SJC and JACCS will contribute their international perspective and knowledge base on consumer credit to the business.”

BDO posted a P5.5 billion profit for the January to March period, 11% lower than the P6.1 billion recorded in the same period last year due to a slump in trading gains.

BDO shares gave up P1.40 or 1.35% to close at P102.50 each on Thursday, while BDO Leasing shares rose eight centavos or 2.74% to P3 apiece.

 

Source: Bworld Online