Resona Bank announced that it had entered into a business alliance memorandum of understanding with the Philippines-based SM Prime Holdings. The two companies aim to create opportunities to support companies considering entering the Philippine market by leveraging their respective networks.
Resona Bank, part of the Resona Group, has entered into a business alliance memorandum of understanding with SM Prime Holdings, Inc. (SMPH), a major Philippine real estate developer. An alliance with a company under the SM Group has already been established with BDO Unibank, making this the second such alliance.
The Philippines has a population of more than 110 million and is considered to have strong medium- to long-term growth prospects, supported by its young average age. SMPH operates 90 shopping malls and 22 office buildings in the country. Through the alliance, Resona Bank will strengthen support for customers considering expansion into the Philippines and customers operating businesses there by leveraging SMPH’s network and expertise.
Under the alliance, Resona Bank will support customers’ business expansion in the Philippines by creating points of contact with the SM Group, facilitating business matching for retail space, and providing various types of information. It also aims to create opportunities for both parties, including through customer referrals, as companies under the SM Group expand their businesses in Japan.
The Resona Group has multiple overseas locations and local financial institutions as part of its international network. The alliance is intended to strengthen the group’s global expansion.