Mizuho Corporate Bank, a unit of Mizuho Financial Group Inc., said Monday that its wholly owned subsidiary in Malaysia began operating in Kuala Lumpur the same day.
Mizuho Corporate Bank (Malaysia) Berhad will provide a diverse range of services, including ringgit-denominated deposits, loans and foreign exchange. It also plans to engage in Islamic finance.
Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp., a unit of Sumitomo Mitsui Financial Group Inc., acquired licenses to operate commercial banks in Malaysia in June 2010. SMBC began operations in Malaysia in April.
The Tokyo-based bank started the business with 61 bankers in Kuala Lumpur and plans to hire more as the operation expands, Keizo Ohashi, chairman of the subsidiary, told reporters in the Malaysian capital.
“The expansion to Malaysia represents a further strategic increase of resources in Asia,” he said in a statement. “Many Japanese companies have been urging us to set up operations here.” Mizuho won a license from the country’s central bank last year.
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