Mizuho Bank branch in Ginza
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, mizuho?)" means "abundant rice" in Japanese.
It holds assets in excess of $1.44 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, and the ninth largest in the world by market capitalisation.[1] It is the 59th largest company in the world according to Forbes Global 2000 rankings. 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 68,000 people in 30 countries . It also functions as one of the main companies of the DKB Group and the Fuyo Group.
Divisions and brands
Mizuho annual income by division (2005).
1. Mizuho Bank
2. Mizuho Corporate Bank
3. Mizuho Trust
4. Mizuho Securities
Mizuho splits its business into four distinct divisions, on a global basis:
Retail Group
Mizuho is active in retail banking with 515 branches and over 11,000 ATM machines. Mizuho Bank is the only 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.[2]
Global Wealth and asset management
- Mizuho Trust
- Mizuho Private Wealth Management
- Mizuho Asset Management
- DIAM
Strategy affiliates
Offices
Sponsorship
History
Mizuho was established originally as Mizuho Holdings, Inc. by the merger of Dai-Ichi Kangyo Bank, Fuji Bank and the Industrial Bank of Japan in 2000.
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.
Timeline
- 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.
Trivia
On December 8, 2005 a data input error on a stock trade caused a major loss at the brokerage arm Mizuho Securities Co., Ltd.. It received a lot of publicity.
Notable employees
See also
Competitors
References
External links
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Mizuho Financial Group |
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| CEO: Terunobu Maeda · FY 2007 Statistics - Revenue: ¥4.5 trillion JPY (▲10.3%) · Assets: ¥154.4 trillion JPY · Employees: 68,919 · Stock Symbols: TYO: 8411, NYSE: MFG · Website: mizuho-fg.co.jp |
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