The Financial Services Agency on Friday ordered Mizuho Holdings Inc., the world's largest banking group in terms of assets, to increase loans to smaller companies and submit guidelines for doing so by the end of this month.
The nation's financial regulator took the action following a failure by Mizuho's two core banks to extend loans to small and midsize firms, as mandated in a business plan it created in exchange for an injection of taxpayers' money four years ago.
Friday's order also calls on Mizuho to inform the FSA every three months of how its lending program is progressing.