Daiwa Securities Group has acquired a 14.9% stake in COL Financial Group, the leading online brokerage company in the Philippines.
The Japanese brokerage firm announced to media the acquisition of shares valued at 3 billion yen (USD 27.4 million, PhP 1.32 billion).
In a media release Daiwa said the investment in COL Financial provides Daiwa with an opportunity to participate in the fast-growing Philippine economy and further allows Daiwa to have a platform for further expansion in other Asian countries.
“The securities market in the Philippines is currently significantly under-penetrated with less than one percent of population owning a brokerage account, which to our view, is an extremely good opportunity to work together with COL to help grow the retail brokerage industry in the country,” said Daiwa.
“With this investment, we aim to build a stronger relationship with COL Financial and leverage the resources and networks of each other in future business development.”
Daiwa brings its investment to the Philippine online brokerage firm reputed to be the fastest growing online stockbroker with over 200,000 customers and PhP 61 billion in customer assets.
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