FINSwire Dec 27 2010

Japan's Mizuho Bank Plans Asia Expansion

By finswire team

Mizuho Financial Group, Japan's third largest bank by market capitalization, plans to expand its operations in Asia as it seeks more advisory work from Japanese firms seeking growth outside the country.

The company's CEO, Takashi Tsukamoto, told Dow Jones the bank plans to provide more advisory services for companies in emerging Asian markets, including consulting on mergers and acquisitions as well as fundraising.

Mizuho has transferred 80 staffers to offices in Asia from Tokyo headquarters and plans to hire 170 in the region through March. "Asia is now one of our key business areas and we want to tap into customers' needs in various ways, for both Japanese and non-Japanese firms," Tsukamoto said.

Global and regional banks see Asia as a growth area, given its fast economic growth and transition to more market-based economies.

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