About Mizuho Financial Group

Mizuho Financial Group 

This article explains all you need to know about About Mizuho Financial Group.

About Mizuho Financial Group History

In 2000, Dai-Ichi Kangyo Bank, Fuji Bank, and the Industrial Bank of Japan merged to become Mizuho Holdings, Inc. The Mizuho group began with Yasuda-ya, a private corporation created in 1864. In 1872, Dai-Ichi Bank, Ltd. became Japan’s first bank to be created under the new National Bank Act of 1872. In 1897, the government founded the Nippon Kangyo Bank and the Industrial Bank of Japan. In 1912, Yasuda-ya was incorporated and renamed Yasuda Bank, absorbing the assets and business of seventeen Japanese banks. 

In 1948, Yasuda Bank became Fuji Bank, Limited. To avoid overextending its funds, Fuji Bank would join with other big banks in the years to come. A recommendation from Supreme Commander of the Allied Powers General Douglas MacArthur and the United States during post-war economic reforms led to the Nippon Kangyo Bank and IBJ being re-privatised in 1950. Dai-ichi and Nippon Kangyo joined in 1971 to establish Dai-Ichi Kangyo Bank, Limited. In 1999, DKB, Fuji, and IBJ announced an agreement to integrate their businesses.  In 2000, Mizuho Holdings Inc was formed as a result. In 2002, DKB, Fuji, and IBJ merged into two banks, Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd.  Mizuho began trading on the London Stock Exchange as MHHD. The result was the world’s first trillion-dollar bank, with $1.2 trillion in assets, over $480 billion more than the next largest. The transaction created one of the first “mega-institutions” in the financial industry, kicking off the “consolidation movement” of large-scale bank mergers in the 2000s. Unlike other mega-institutions, Mizuho consisted of three institutions of almost similar size and importance. It was the world’s largest megabank until 2005.  In Japanese, Mizuho means “fresh, copious, and rich crop.” The Mizuho Bank focuses on consumers and SMEs, whereas the Mizuho Corporate Bank focuses on corporations. This included fee-based services like securitizations, M&A support, security-based investment banking, and syndicated loans. Mizuho dominated the syndicated loan industry at the time. In 2000, Mizuho introduced one of the first internet-based securities. Mizuho Financial Group Inc. took over Mizuho Holdings in 2003. On October 1, 2005, Mizuho Financial Group took direct management of all Mizuho Holdings businesses. Mizuho Holdings, no being a bank holding entity, was renamed Mizuho Financial Strategy. Mizuho Financial Group was listed on the New York Stock Exchange in 2006 as MFG. Mizuho lost $7 billion on the selling of collateralized debt obligations backed by subprime mortgages through its New York offices. The crisis hit the Asian bank the hardest. In 2012, Mizuho Financial Group bought all assets from Banco WestLB do Brasil S.A. The company’s board of directors was reformed in 2014 to unify its corporate culture, notwithstanding its initial board’s conformity to Japanese banking protocols. Their worldwide transactions banking headquarters is now in Singapore, with offices in China, Hong Kong, Tokyo, London, and New York. That same year, they partnered with Cognizant to create block-chain approaches for protecting bank data. 

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Mizuho Financial Group, Inc. (abbreviated MHFG) is a Japanese financial holding corporation located in Chiyoda’s temachi neighborhood. Mizuho means “plenty rice” in Japanese and “harvest” in English. It was the world’s largest bank by assets when it started. The Financial Stability Board deems it a systemically important bank. 

It controls Mizuho Bank and other operating companies with assets over $1.8 trillion. 

Its holdings form Japan’s third largest financial services group. Japan’s third largest bank, behind Mitsubishi UFJ and SMBC. In December 2018, its total assets ranked 15th globally.  In May 2017, Forbes ranked it 90th largest firm globally. It is traded on the Tokyo Stock Exchange (Nikkei 225 and TOPIX Core30) and the New York Stock Exchange (American depositary receipts). 

Mizuho employs about 59,132 people in 880 offices and provides banking, securities, trust, and asset management services.

About Mizuho Financial Group: Conclusion 

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