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Mizuho Financial Group Inc. will delay the creation of Japan’s third-biggest brokerage after losses related to U.S. subprime mortgages forced it to revise terms for merging Mizuho Securities Co. and Shinko Securities Co.

Mizuho Securities and Shinko will merge in May rather than January, the bank said in a statement to the Tokyo Stock Exchange. Losses caused by record defaults on U.S. subprime mortgages prompted a revision of terms, it said.

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