The Mizuho Financial Group, one of four megabanks created through recent bank mergers, has unveiled business outlines for the two banks it plans to launch in April 2002 after reorganizing its three constituent banks.
The two new banks will be Mizuho Bank, mainly for individual clients, and Mizuho Corporate Bank for large corporate transactions.
The Mizuho Financial Group was created in September through a three-way alliance between Dai-Ichi Kangyo Bank, Fuji Bank and the Industrial Bank of Japan.
The restructuring plan released Friday states that Mizuho Bank will have about 560 branches nationwide with services focusing on loans, credit cards and banking for wealthy clients.
Mizuho Bank is expected to have more than 30 million individual accounts, the most of the four megabanks.
The corporate division of Mizuho Bank, which will focus on small and midsize businesses, is expected to offer services to its 160,000 clients including syndicated loans, derivatives services and regular loans.
Mizuho Corporate Bank will have 17 branches in Japan and 47 abroad and is expected to have 15,000 major corporate clients. It is expected to serve more than 70 percent of the listed companies on the first section of the Tokyo Stock Exchange and to function as the main bank for about 40 percent of them.
The Mizuho Financial Group said Mizuho Corporate Bank will also engage in financial consulting by tapping into the latest corporate financing knowhow.
Assets at each of the two banks are projected at 70 trillion yen. Both will issue the bank debentures that were previously handled by the Industrial Bank of Japan.
In addition, Mizuho Securities Co. and Mizuho Trust & Banking Co. will become direct subsidiaries of Mizuho Holdings Inc., the holding firm that oversees the Mizuho Financial Group.
The Mizuho Financial Group said it will brief its clients after the Golden Week holidays in early May. The restructuring of the Mizuho Financial Group is expected to be formally decided upon at a special shareholders’ meeting of Mizuho Holdings, to be held in January or February.
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