Mizuho Financial Group is seeking to strengthen its wealth management business and take on industry leader Nomura Holdings as well-to-do Japanese invest more of their savings.
Through its brokerage unit, Japan’s third-largest bank is targeting individuals with assets exceeding ¥500 million ($3.4 million), Mizuho Securities President Yoshiro Hamamoto said in an interview. Over the next few years, the company will reassign sales staff and dispatch more employees to branches to provide face-to-face services for these high-net-worth customers, he said.
Japanese banks are building their wealth management operations to boost fee income and capitalize on a trend of households seeking to protect their assets from emerging inflation. The government is also encouraging citizens to invest more to ease strain on the retirement system as the population ages.
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