Mizuho boss to pull double duty

Kyodo

Mizuho Financial Group Inc. President Yasuhiro Sato will serve concurrently as head of the new Mizuho Bank to be created in the July merger of its core group banks, sources said Monday.

The move is aimed at keeping the entity formed by the integration of Mizuho Bank and Mizuho Corporate Bank under Sato’s leadership, promoting group management efficiency and increasing earnings capacity, the sources said.

Mizuho Financial Group was told by financial authorities to strengthen corporate governance following a massive malfunction at Mizuho Bank in March 2011.

The new Mizuho Bank will have five or six vice presidents and give them more power to speed up decision-making and act on decisions, the sources said.