Mizuho Financial Group

Last updated
Mizuho Financial Group, Inc.
Native name
Romanized name
Kabushiki gaisha Mizuho Finansharu Gurūpu
Type Public ( Kabushiki gaisha )
IndustryBanking, financial services
Predecessors Dai-Ichi Kangyo Bank
Fuji Bank
Industrial Bank of Japan
Founded2001;20 years ago (2001)
Key people
Tatsufumi Sakai
(President & CEO) [1]
Products Credit cards, consumer banking, corporate banking, investment banking, global wealth management, financial analysis, private equity
Revenue ¥1.450 trillion (2017)
¥858.73 billion (2017)
¥603.54 billion (2017)
Total assets US$1.849 trillion (2017) [2]
Total equity ¥4.150 trillion (2017) [3]
Number of employees
59,132 (2020)
Subsidiaries Mizuho Bank
Mizuho Trust & Banking
Mizuho Securities Co., Ltd.
Website mizuho-fg.com
Mizuho Bank branch in Ginza Mizuho Bank Ginza Chuo Branch.jpg
Mizuho Bank branch in Ginza
Mizuho annual income by division (2005)
1. Mizuho Bank
2. Mizuho Corporate Bank
3. Mizuho Trust
4. Mizuho Securities Mizuho Financial Group income by division.png
Mizuho annual income by division (2005)
1. Mizuho Bank
2. Mizuho Corporate Bank
3. Mizuho Trust
4. Mizuho Securities

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. Upon its founding, it was the largest bank in the world by assets. [4] It is considered a systemically important bank by the Financial Stability Board.


It holds assets in excess of $1.8 trillion US dollars through its control of Mizuho Bank and other operating subsidiaries. [5] The company's combined holdings form the third largest financial services group in Japan. Its banking businesses rank third in Japan after Mitsubishi UFJ Financial Group and SMBC Group. It is the 15th largest banking institution in the world by total assets as of December 2018. [6] It is the 90th largest company in the world according to Forbes rankings as of May 2017. [7] It is listed on the Tokyo Stock Exchange—where it is a constituent of the Nikkei 225 and TOPIX Core30 indices—and in the New York Stock Exchange in the form of American depositary receipts.

Mizuho offers a range of financial services, including banking, securities, trust and asset management services, employing more than 59,132 people [8] throughout 880 offices. [9]


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. The earliest history of the companies that formed the Mizuho group was Yasuda-ya, which was founded as a private company in 1864. [10] Then in 1872 the Dai-Ichi Bank, Ltd. was established as the first bank in Japan to be established under the nation's newly minted National Bank Act of 1872. In 1897 the Nippon Kangyo Bank, Ltd. and the Industrial Bank of Japan, Limited were next established as governmental institutions. [11] In 1912 Yasuda-ya was incorporated and renamed Yasuda Bank, in a process where Yasuda absorbed the assets and business of seventeen different Japanese banking institutions. [12]

In 1948 Yasuda Bank was itself renamed the Fuji Bank, Limited. Over the coming years, Fuji Bank would serve as the major financier for post-war Japanese economic growth, working with other major banks as partners when it was at risk of over-extending its funds. [13] In 1950 the Nippon Kangyo Bank and IBJ were re-privatized after serving as semi-public banks for decades, following a recommendation from the Supreme Commander of the Allied Powers General Douglas MacArthur and the United States during the post-World War II economic reforms. [14] In 1971 the Dai-ichi Bank and the Nippon Kangyo Bank merged to form the Dai-Ichi Kangyo Bank, Limited. [11] Mizuho itself was created from the remnants of these mergers, and in 1999 DKB, Fuji and IBJ announced an agreement to consolidate the three banks' operations. [15] This resulted in the establishment of the holding company named Mizuho Holdings, Inc in the year 2000. Then in 2002 DKB, Fuji and IBJ were officially and legally combined into two banks, [16] Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd. [17] Initially Mizuho traded under the ticker symbol MHHD on the London Stock Exchange. [18]

The merger resulted in the world's first trillion-dollar bank, with its $1.2 trillion in assets, surpassing the next largest bank by about $480 billion. The move has been considered to have formed one of the first "mega-institutions" in the financial industry, beginning a trend in the industry of large-scale bank mergers referred to as the "consolidation movement" during the 2000s. [19] Though while other mega-institutions were composed of one major player and several minor ones, Mizuho was composed of three relatively equal institutions in terms of their size and influence. [20] It remained the largest mega-bank in the world until 2005. [16]

The name "Mizuho" means "new, bountiful, and rich harvest of rice" in Japanese. [21] The original structure saw the founding of the Mizuho Bank, focusing on individuals and SMEs, and the Mizuho Corporate Bank, which focuses on corporate entities. [22] The initial strategy of the company was to expand its lending operations with individuals and SMEs, and begin to offer fee-based services including securitizations, merger and acquisitions support, security-based investment banking, and syndicated loans. At the time, Mizuho controlled about 50% of the syndicated loans market. [23] Mizuho also launched one of the first Internet-based securities products in 2000. [24]

In 2003, Mizuho Financial Group, Inc. took over the operations of Mizuho Holdings. [16] On October 1, 2005, all subsidiaries of Mizuho Holdings were transferred to the direct control of Mizuho Financial Group. [16] Mizuho Holdings, no longer a bank holding company, was then renamed Mizuho Financial Strategy, which now focuses on providing advisory services. [25] Mizuho Financial Group was in turn listed on the New York Stock Exchange under the stock symbol MFG in 2006. [26]

Mizuho, through its operations in New York, became involved in the subprime mortgage crisis and lost seven billion dollars on the sale of collateralized debt obligations backed by subprime mortgages. It is the Asian bank which suffered the most losses due to the crisis. [27] In 2012 Mizuho Financial Group acquired 100% of the assets from the Brazilian bank Banco WestLB do Brasil S.A. [28] In 2014 the company underwent a board of directors reform in order to streamline its corporate culture into a more of a single identity, although its original board founded in 2002 was consistent with Japanese banking protocols. [20] In 2016 they opened their global transactions banking headquarters in Singapore, and have offices for this unit in China, Hong Kong, Tokyo, London, and New York City. [29] That year they also began a partnership with Cognizant, to develop block-chain methods of securing the banks private records. [30]


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 automated teller machines (ATMs). [31] Mizuho Bank is the only bank, other than Japan Post Bank, to have branches in every prefecture in Japan. [32] It serves over 26 million Japanese households, [33] 90,000 SME customers, 2500 corporations, [34] and retail brokerage clients under the name Mizuho Investors Securities nationwide, with $114 billion in retail customer assets under its management as of 2016. [35]

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. [36]

Global wealth and asset management

Asset Management One manages a number of ETFs which are listed in Japan, but some of these ETFs are very liquid because no market maker was appointed. For example, One ETF Gold (1683:JP) frequently trades at a discount of more than 10% to the NAV. [37] [38]

Strategy affiliates



Mizuho is a sponsor of the Tokyo International Marathon [39] and the 2020 Olympic Games and 2020 Paralympic Games. [40]

Notable employees


In September 2013, a routine regulatory control unveiled that Mizuho enabled loans of up to $1.9 million to the Yakuza Japanese mafia. It also appeared that loans to the mob had been approved through its affiliate credit company Orient Corp. This scandal led to the resignation of the group's CEO Takashi Tsukamoto. [41] [42]

In December 2019, a report named Mizuho as the top private lender to coal developers between January 2017 and September 2019. [43] In March 2020, Japanese NGO Kiko Network filed the first climate related shareholder resolution with a Japanese company proposing Mizuho align its investments with the goals of the Paris Agreement. [44] As of April 2020, three Scandinavian pension funds with a combined $178 Billion AUM expressed their support for the resolution. [45]

See also

Related Research Articles

Nikkei 225 Japanese stock market index

The Nikkei 225, or the Nikkei Stock Average, more commonly called the Nikkei or the Nikkei index, is a stock market index for the Tokyo Stock Exchange (TSE). It has been calculated daily by the Nihon Keizai Shimbun newspaper since 1950. It is a price-weighted index, operating in the Japanese Yen (JP¥), and its components are reviewed once a year. The Nikkei measures the performance of 225 large, publicly owned companies in Japan from a wide array of industry sectors.

Mizuho Bank

Mizuho Bank, Ltd. is the integrated retail and corporate banking unit of Mizuho Financial Group, the third largest financial services company in Japan, with total assets of approximately $1.8 trillion in 2017. Mizuho is one of the three so-called Japanese "megabanks". Mizuho Bank provides financial products and services to a wide range of clients, including individuals, small and medium-sized enterprises, large corporations, financial institutions and public sector entities. Its headquarters office building is located in the Otemachi district of Chiyoda, Tokyo.

The Dai-ichi Kangyo Bank, Limited, abbreviated as DKB, was one of the largest banks in the world during the latter half of the 20th century. Dai-Ichi Kangyo Bank was created in 1971 by a consortium of two banks: Dai-Ichi Bank, Japan's oldest bank, and Nippon Kangyo Bank, a state financial institution that granted long-term loans to industry and agriculture.

Fuji Bank

The Fuji Bank, Limited was one of Japan's major banks during the post–World War II era. It combined with Dai-Ichi Kangyo Bank and the Industrial Bank of Japan in 2000 to form Mizuho Financial Group, and changed its name to Mizuho Corporate Bank in 2002 after transferring its retail banking operations to Mizuho Bank.

Sumitomo Mitsui Banking Corporation Japanese multinational banking and financial services company

Sumitomo Mitsui Banking Corporation Group is a Japanese multinational banking and financial services institution headquartered in Yurakucho, Chiyoda, Tokyo, Japan. The group operates in retail, corporate, and investment banking segment worldwide. It provides financial products and services to a wide range of clients, including individuals, small and medium-sized enterprises, large corporations, financial institutions and public sector entities. Since 2011, it has been included into the Financial Stability Board's list of global systemically important banks.

Mizuho Corporate Bank, Ltd., or MHCB, was the corporate and investment banking subsidiary of Mizuho Financial Group, the second-biggest Japanese financial services conglomerate, prior to the reintegration of investment banking services under the Mizuho Bank name in July 2013.

Mizuho Financial Strategy Co.,Ltd. (株式会社みずほフィナンシャルストラテジー) is a company that focuses on providing advisory services. It is the successor of Mizuho Holdings, Inc. (MHI), which was a Japanese bank holding company established in 2000 through the consolidation of Fuji Bank, Dai-Ichi Kangyo Bank, and the Industrial Bank of Japan. MHI was reorganized on April 1, 2002, when its subsidiaries were realigned and rebranded with the Mizuho name. On March 12, 2003, MHI became a wholly owned subsidiary of Mizuho Financial Group. On October 1, 2005, MHI ceased to be a bank holding company when all of its subsidiaries, including Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd., were transferred to the direct control of Mizuho Financial Group. MHI was subsequently renamed Mizuho Financial Strategy Co., Ltd.. The company's headquarters are located in Tokyo, Japan.

Mitsubishi Estate Co., Ltd. is one of the largest real-estate developers in Japan and is involved in property management and architecture research and design.

Industrial Bank of Japan

The Industrial Bank of Japan, Limited (IBJ), based in Tokyo, Japan, was one of the largest banks in the world during the latter half of the 20th century.

Trust & Custody Services Bank, Ltd. is a Japanese bank that provides asset administration for banks and insurance companies. As of August 2017, it had 50 trillion yen in capital.

Dai-ichi Life

The Dai-ichi Life Insurance Company, Limited, or Dai-ichi Life for short, is the third-largest life insurer in Japan by revenue, behind Japan Post Insurance and Nippon Life.

Fuyo Group is a Japanese keiretsu descended from the Yasuda zaibatsu, Asano zaibatsu and Okura zaibatsu. They are major business grouping in Japan up to World War II. In 1948, Yasuda was dismantled, with its key financial arm Yasuda Bank becoming Fuji Bank.

Mizuho Trust & Banking

Mizuho Trust & Banking Co., Ltd. is the trust banking arm of Mizuho Financial Group.

The DKB Group or the Dai-Ichi Kangyo Group was the largest Japanese keiretsu in the late 1990s.

Mizuho Capital Co., Ltd. is the venture capital firm affiliated to Mizuho Bank, the second-largest Japanese bank in terms of assets. The firm has headquarters in Tokyo.

Mizuho Bank Uchisaiwaichō Head Office Building

The Mizuho Bank Uchisaiwaichō Head Office Building is a 143 m (469 ft) tall office skyscraper in Tokyo, Japan. At 38 stories the building is the 86th tallest building in Tokyo. It contains 1.4 million sq ft of office space, 100% of which is now occupied by Mizuho Bank, the consumer banking arm of the second-largest Japanese financial conglomerate Mizuho Financial Group, while still called the DKB Head Office from time to time.

Saitama Bank

Saitama Bank is a Japanese bank founded in Saitama Prefecture 1943. After a series of bank mergers and corporate restructuring, the Saitama Resona Bank emerged as the leading bank in Saitama Prefecture.

Sumitomo Mitsui Trust Holdings, Inc., formerly Chuo Mitsui Trust Holdings, Inc., is a Japanese financial holding company headquartered in Chiyoda, Tokyo. It provides an assortment of financial products to retail and wholesale customers, with a focus on asset management, financial brokerage and real estate services.

Asset Management One Japanese investment management firm

Asset Management One Co., Ltd. (アセットマネジメントOne株式会社), abbreviated as AM-One, is a Japanese asset management company. It is a subsidiary of the Mizuho Financial Group and is one of the largest asset management companies in Asia. AM-One acts as one of the investment managers for the Government Pension Investment Fund.


  1. "Tatsufumi Sakai, Association for Real Estate: Profile and Biography". Bloomberg.com.
  2. "Mizuho Financial Group Total Assets (Quarterly) (MZHOF)". ycharts.com.
  3. "Mizuho Financial Group, Inc. (MFG) Stock Report – NASDAQ.com". NASDAQ.com.
  4. Litterick, David (23 July 2001). "Nikkei at 16-year low". Telegraph.co.uk.
  5. "The World's Biggest Public Companies". Forbes.com.
  6. "The Top 100 Banks in the World 2016", Relbanks, 30 June 2016.
  7. "Forbes The World’s Biggest Public Companies 2016 RANKING.", Forbes , May 2016.
  8. "Mizuho Financial on the Forbes Top Regarded Companies List". Forbes.com.
  9. Walton, Gregory (27 November 2015). "Bank employee plunges to death in City of London". Telegraph.co.uk.
  10. "History of Mizuho". The Oriental Economist. 1966. p. 574.
  11. 1 2 Newall, Sir Paul (17 December 2013). Japan and the City of London. A&C Black. ISBN   9781780939537 via Google Books.
  12. Connors, Duncan (15 May 2016). A History of Money. University of Wales Press. ISBN   9781783163113 via Google Books.
  13. Ogura, S. (18 December 2001). Banking: The State and Industrial Promotion in Developing Japan, 1900-73. Springer. ISBN   9780230598126 via Google Books.
  14. Holtfrerich, Carl-L.; Reis, Jaime (5 December 2016). The Emergence of Modern Central Banking from 1918 to the Present. Routledge. ISBN   9781351890779 via Google Books.
  15. "A super-bank in the making". The Japan Times .
  16. 1 2 3 4 Padmalatha, Suresh (1 September 2011). Management Of Banking And Financial Services, 2/E. Pearson Education India. ISBN   9788131730942 via Google Books.
  17. Tan, Chwee Huat (1 June 2018). Dictionary of Asia Pacific Business Terms. NUS Press. ISBN   9789971692759 via Google Books.
  18. "FE Investegate -Mizuho Holdings Inc Announcements - Mizuho Holdings Inc: Delisting of Stock Timetable". Investegate.co.uk.
  19. Gaspar, Julian; Bierman, Leonard; Kolari, James; Hise, Richard; Smith, L. Murphy (18 February 2005). Introduction to Business. Cengage Learning. ISBN   9781111808976 via Google Books.
  20. 1 2 Mallin, Christine A. (27 May 2016). Handbook on Corporate Governance in Financial Institutions. Edward Elgar Publishing. ISBN   9781784711795 via Google Books.
  21. Grosse, Robert E. (9 February 2009). The Future of Global Financial Services. John Wiley & Sons. ISBN   9781405142403 via Google Books.
  22. Tan, Chwee Huat (1 June 2018). Dictionary of Asia Pacific Business Terms. NUS Press. ISBN   9789971692759 via Google Books.
  23. Aggarwal, V.; Urata, S. (30 April 2016). Winning in Asia, Japanese Style: Market and Nonmarket Strategies for Success. Springer. ISBN   9781137109262 via Google Books.
  24. "みずほフィナンシャルグループ、インターネット専業証券を本年中に設立". internet.watch.impress.co.jp.
  25. "Mizuho Financial Strategy Co., Ltd.: Private Company Information - Bloomberg". Bloomberg.com.
  26. Mover, The First (31 March 2017). "Mizuho: From Megabank To Global Financial Consultant". Seekingalpha.com.
  27. Flynn, Finbarr (2008-10-29). "Mizuho $7 Billion Loss Turned on Toxic Aardvark Made in America". Bloomberg. Retrieved 2008-10-29.
  28. Uranaka, Taiga (20 June 2012). "Mizuho agrees to buy WestLB Brazil unit for $380 million". Reuters.
  29. "Mizuho Seeks $100 Billion From Overseas Transaction Banking". Bloomberg. 8 August 2017.
  30. "Mizuho financial group partners enters pact with Cognizant". Times of India .
  31. "Mizuho Bank gears up for new core banking system go-live". Bankingtech.com. 16 November 2016.
  32. Cybriwsky, Roman (18 February 2011). Historical Dictionary of Tokyo. Scarecrow Press. ISBN   9780810874893 via Google Books.
  33. "Archived copy". Archived from the original on 2016-03-21. Retrieved 2018-06-01.CS1 maint: archived copy as title (link)
  34. "Mida, Mizuho units team up - Business News - The Star Online". Thestar.com.my.
  35. "Mizuho Seeks to Challenge Nomura as Japan's Top Equity Firm". Bloomberg.com. 19 October 2016.
  36. IR Presentation at “CLSA Japan Forum 2005” 7 March 2005
  37. "1683 Quote - One ETF Gold Fund". Bloomberg.com.
  38. "Listed Issues".
  39. "Tokyo Will Be Added as Sixth Major Marathon". The New York Times. 2 November 2012.
  40. "Mizuho and SMFG join Tokyo 2020 Gold Partner Programme|The Tokyo Organising Committee of the Olympic and Paralympic Games". Tokyo2020.jp.
  41. Otake, Tomoko (13 November 2013). "Mizuho has more loans to the mob". The Japan Times. Retrieved 19 July 2018.
  42. McLannahan, Ben (26 December 2013). "Mizuho chairman to stand down over yakuza loans scandal". Financial Times. Retrieved 19 July 2018.
  43. https://coalexit.org/sites/default/files/download_public/COP25_PR_Logos.pdf
  44. https://www.kikonet.org/wp/wp-content/uploads/2020/03/Shareholder-proposal_Kiko-Network_en.pdf
  45. Sheldrick, Aaron (6 April 2020). "Investors line up against Mizuho support for coal". Reuters.