Resona Bank has signed a memorandum of business alliance with the Philippines’ SM Prime Holdings. Through support for market entry using the SM Group’s network and the provision of opportunities to open new locations, the two companies will accelerate business expansion in the Philippine market.
Resona Bank has signed a memorandum of business alliance with SM Prime Holdings, Inc. (SMPH), a company under the Philippine SM Group. Through the alliance, Resona Bank will establish a support framework that includes business matching and the provision of information, supporting customers seeking to enter the Philippine market and existing customers in expanding their businesses. SMPH operates 90 shopping malls and 22 office buildings in the Philippines, and Japanese companies will also be eligible for support in opening locations.
This is Resona Bank’s second business alliance with a company under the SM Group, following the alliance signed with BDO Unibank in 2021. Resona Bank will use its local network to support companies’ business expansion in the Philippines by providing space for new locations, business matching and various types of information. In addition, opportunities are expected to be created through introductions to Resona Bank customers when companies under the SM Group expand their businesses in Japan.