Business / Corporate

Mizuho says it will close 130 domestic bank branches over next five years

JIJI, Staff Report

Mizuho Financial Group Inc. on Wednesday announced a new business plan featuring stepped-up structural reform measures.

The plan calls for reducing the number of domestic branches by 130, instead of the previously set goal of 100, through integration or scrapping. The company had 500 domestic branches in fiscal 2017.

Mizuho also aims to post ¥900 billion in consolidated real net business profit in fiscal 2023, the final year of the plan.

“We aim to shift to next-generation financial operations by pushing reforms of our business and finance structures, and our corporate foundations,” Mizuho President Tatsufumi Sakai said at a news conference the same day.

The plan spans a period of five years, compared with the three years for past business plans by the major banking group. Mizuho intends to accelerate reforms in the first three years and reap the results in the final two.

Mizuho maintained its target of cutting the number of employees by 19,000 by fiscal 2026. But Sakai stressed that the bank will try to achieve the goal as early as possible.