Mizuho Financial Group Inc. on Wednesday scrapped a plan to replace the head of its troubled banking arm following four system failures in a matter of two weeks.

Koji Fujiwara, president of Mizuho Bank, will stay on for the time being as the Japanese megabank works to get to the bottom of the issue that has shaken public confidence in the bank as a provider of social infrastructure. He was slated to become the bank's chairman effective April 1.

Mizuho Financial Group will set up a third-party panel of experts to look into the system failures that made thousands of automatic teller machines nationwide temporarily unavailable and delayed foreign currency-denominated remittances. No causal relations between the problems have been found so far.