Daiwa to buy into Philippines' No. 1 online brokerage
Manila-based COL Financial boasts 70% market share
TOKYO -- Daiwa Securities Group will spend about 3 billion yen ($27.4 million) to take a 15% stake in COL Financial Group, the largest online securities company in the Philippines.
The Japanese brokerage is expected to buy COL Financial shares from existing shareholders next week. It hopes to raise name recognition among retail investors in the Philippines. Daiwa operates a joint venture brokerage with a government-affiliated Philippine bank, mostly serving institutional investors.
Established in 1999, Manila-based COL Financial is listed on the Philippine Stock Exchange and has more than 200,000 customers. It has a 70% market share in terms of online accounts held. Last year, the company recorded sales of 833.7 million pesos ($16.7 million) and net profit of 328.5 million pesos.