Mizuho Bank plans to hire more people for its transaction banking business as it chases growth in this area to gain access to stable dollar funding, according to its top executive.
The firm is seeking to grow its head count to add to the roughly 160 transaction bankers it already has in Asia, Masahiko Kato, its CEO said in an interview, without specifying a number. The unit of Mizuho Financial Group is open to poaching from rivals after being a late comer to this market, Kato said.
The business of managing cash and other day-to-day activities like billings and payments for clients has come into sharper focus amid rising interest rates, as banks try to get hold of cheaper funding sources. Mizuho and its rivals have been trying to increase dollar and other foreign currency-denominated deposits from clients to back the expansion in overseas lending that they’ve pursued in recent years.