Mizuho Financial Group
One Mizuho: Building the future with you Mizuho Financial Group
|Traded as||TYO: 8411
TOPIX Core 30 Component
|Industry||Banking, Financial Services|
|Predecessors||Dai-Ichi Kangyo Bank
Industrial Bank of Japan
|Headquarters||Marunouchi, Chiyoda, Tokyo, Japan|
(President & CEO)
|Products||Credit cards, consumer banking, corporate banking, investment banking, global wealth management, financial analysis, private equity|
|Revenue||¥2.111 trillion (2012)|
|¥662.83 billion (2012)|
|¥656.38 billion (2012)|
|Total assets||¥166.36 trillion (2012)|
|Total equity||¥4.470 trillion (2012)|
Number of employees
Mizuho Corporate Bank
Mizuho Trust & Banking
Mizuho Financial Group, Inc. (株式会社みずほフィナンシャルグループ Kabushiki-gaisha Mizuho Finansharu Gurūpu), abbreviated as MHFG, or simply called Mizuho, is a banking holding company headquartered in the Ōtemachi district of Chiyoda, Tokyo, Japan. The name "mizuho (瑞穂)" literally means "abundant rice" in Japanese and "harvest" in the figurative sense.
It holds assets in excess of $1.8 trillion US dollars through its control of Mizuho Bank, Mizuho Corporate Bank, and other operating subsidiaries. The company's combined holdings form the second largest financial services group in Japan. Its banking businesses rank second in Japan after Mitsubishi UFJ Financial Group and the 15th in the world by total assets as of March 2017. It is the 90th largest company in the world according to Forbes rankings as of May 2017. Its shares have a primary listing on the Tokyo Stock Exchange.
Mizuho offers a range of financial services, including banking, securities, trust and asset management services, employing more than 56,000 people in 900 offices.
Divisions and brands
Mizuho splits its business into four distinct divisions, on a global basis:
Mizuho is active in retail banking with 515 branches and over 11,000 automated teller machines (ATMs). Mizuho Bank is the only bank, other than Japan Post Bank, to have branches in every prefecture in Japan. It serves over 26 million Japanese households, 90,000 SME customers, and retail brokerage clients under the name Mizuho Investors Securities nationwide.
Global Corporate Group
Mizuho predecessors, the Dai-Ichi Kangyo Bank (DKB), the Fuji Bank (Fuji) and the Industrial Bank of Japan (IBJ), had great control over many Japanese companies through keiretsu system. The three banks led the DKB Group, Fuyo Group and the IBJ Group respectively. The Fuyo Group traces its history as far back as the old Yasuda zaibatsu. Even now, seven out of ten companies listed on the Tokyo Stock Exchange have dealings with Mizuho.
Global wealth and asset management
- Mizuho Trust
- Mizuho Private Wealth Management
- Mizuho Asset Management
- Mizuho Financial Strategy, formerly Mizuho Holdings, Inc.
- Mizuho Research Institute
- Mizuho Information & Research Institute
Mizuho Financial Group, Inc. was established in January 2003 to become the parent company to Mizuho Holdings, Inc. in preparation for its restructuring of businesses. Subsequently, through a share exchange on March 12, 2003, Mizuho Financial Group became the sole shareholder of Mizuho Holdings, which in turn served as the holding company of all of the group's banking and securities units.
On October 1, 2005, all subsidiaries of Mizuho Holdings were transferred to the direct control of Mizuho Financial Group. Mizuho Holdings, no longer a bank holding company, was then renamed Mizuho Financial Strategy, which now focuses on providing advisory services.
Mizuho, through its operations in New York, became involved in the subprime mortgage crisis and lost 7 billion dollars on the sale of collateralized debt obligations backed by subprime mortgages. Its entry was late, in December 2006; it did not participate in gains; only suffered losses. It is the Asian bank which suffered the most losses due to the crisis. The venture into this field has been traced to the employment of Alexander Rekeda, a specialist in this field hired away from Calyon, a unit of Crédit Agricole. Rekeda was made "head of structured credit in the Americas" where he floated several deals that turned toxic. He was later fired and Mizuho shut down its US CDO business. Examples of these included the Aardvark, Tigris, and Delphinius CDOs. The latter two involved the Magnetar hedge fund. Ironically, Calyon had sued Mizuho for hiring away Rekeda and other CDO experts in 2007.
- 1864: Yasuda-ya is founded as a private company.
- 1883: The Dai-Ichi Bank, Ltd. is established as the first bank in Japan.
- 1897: The Nippon Kangyo Bank, Ltd. and the Industrial Bank of Japan, Limited are established as a governmental institution.
- 1912: Yasuda-ya is incorporated and renamed Yasuda Bank.
- 1948: Yasuda Bank is renamed the Fuji Bank, Limited.
- 1950: The Nippon Kangyo Bank and IBJ are privatized.
- 1971: The Dai-ichi Bank and the Nippon Kangyo Bank merge to form the Dai-Ichi Kangyo Bank, Limited.
- 1999: DKB, Fuji and IBJ announce an agreement to consolidate the three banks' operations.
- 2000: DKB, Fuji and IBJ establish a holding company named Mizuho Holdings, Inc.
- 2002: DKB, Fuji and IBJ are officially and legally combined into two banks, Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd.
- 2003: Mizuho Financial Group, Inc. takes over the operations of Mizuho Holdings virtually.
- 2006: Mizuho is listed on the New York Stock Exchange under the stock symbol MFG.
- 2016: Mizuho Americas LLC established as US Bank Holding Company 
- Yoichiro Esaki, member of the House of Representatives
- Rin Ishigaki, poet
- Hirotaka Ishihara, member of the House of Representatives, son of Shintaro Ishihara
- Zenkichi Kojima, mayor of Shizuoka, Shizuoka
- Takeaki Matsumoto, member of the House of Representatives
- Shoichi Nakagawa, Minister of Finance, Minister of State in charge of Financial Services (2008–2009)
- Kei Ogura, singer
- Stanley Praimnath, survivor of the destruction of the World Trade Center on September 11th, 2001
- Mitsu Shimojo, member of the House of Representatives
- Yukio Tomioka, member of the House of Councillors
- "The Top 100 Banks in the World 2016", Relbanks, 30 June 2016.
- "Forbes The World’s Biggest Public Companies 2016 RANKING.", Forbes, May 2016.
- IR Presentation at “CLSA Japan Forum 2005” 7 March 2005
- Flynn, Finbarr (2008-10-29). "Mizuho $7 Billion Loss Turned on Toxic Aardvark Made in America". Bloomberg. Retrieved 2008-10-29.
- Timeline of Magnetar Deals by Jake Bernstein, Jesse Eisinger and Krista Kjellman Schmidt, ProPublica, April 9, 2010
- Calyon Cries Foul: French bank seeks retribution after CDO team defects to Mizuho, Investment Dealers' Digest, March 26, 2007, Pyburn, Allison
|Wikimedia Commons has media related to Mizuho Financial Group.|