TOKYO, Feb 8 (Reuters) – Mizuho Financial Group Inc
, Japan’s No.2 lender by assets, said on Friday its CEO,
Yasuhiro Sato, will also head a core banking unit to be created
by a merger of Mizuho’s two banks in July.
The move was widely expected as Sato, 60, already serves as
CEO of one of the banks, Mizuho Corporate Bank, but the question
is how it will help boost Sato’s hand in steering the banking
group with $1.8 trillion in assets, which has been plagued with
two large-scale system failures and criticised of its bloated
TOKYO, Feb 7 (Reuters) – Dai-ichi Life Insurance Co
, one of Japan’s top four insurance companies, said it
plans to invest in Southeast Asian infrastructure finance in the
next three years, taking on a new investment area as it looks to
Japanese life insurers are hungry for higher-yield
alternatives to government bonds, but have been cautious about
investing in riskier but potentially more profitable options,
such as offshore project finance, due to a lack of credit risk
TOKYO (Reuters) – Japan’s top banks reported a sharp rise in profits for the quarter ended December, helped by a year-end stock market rally and strong growth in overseas loans while bad-loan costs remained low.
They were also buoyed by the yen’s recent fall against the dollar as they aggressively expanded overseas amid weak growth prospects at home.
TOKYO, Feb 1 (Reuters) – Mitsubishi UFJ Financial Group’s
third-quarter net profit doubled, driven by a year-end
rally in Japanese stocks that boosted the value of its massive
A cheaper yen also pushed up yen-denominated earnings of
Japan’s largest lender by assets as the share of its overseas
business has grown rapidly as the result of the effort to make
up for weak lending at home.
TOKYO, Jan 31 (Reuters) – Mizuho Financial Group Inc’s
third-quarter net profit soared more than 10 times
after a year-end rally in the Japanese stock market pushed up
the value of its massive equity portfolio.
Japan’s financial institutions have benefited from a nearly
20 percent gain in the benchmark Nikkei average through
the final three months of 2012, powered by investor expectations
for Prime Minister Shinzo Abe’s policies of massive fiscal
spending, aggressive monetary easing and a weaker yen.
TOKYO, Dec 26 (Reuters) – Sumitomo Mitsui Financial Group
Inc plans to speed expansion in Asia via its
non-banking units like consumer finance and credit, hoping to
lure the region’s retail clients, the head of Japan’s
third-largest lender by assets said.
“What we have in mind is sales finance for cars, air
conditioners and TVs in Southeast Asia. It does not have to be
(done by our core bank) SMBC. We can use a vehicle best suited
for the purpose,” Koichi Miyata, president of SMFG, told
Reuters in an embargoed interview conducted on Friday.
TOKYO (Reuters) – Sumitomo Life Insurance Co SMTLI.UL said on Thursday it is buying HSBC Holding’s (HSBA.L: Quote, Profile, Research, Stock Buzz) (0005.HK: Quote, Profile, Research, Stock Buzz) 18 percent stake in Vietnamese insurer Baoviet Holdings BVH.HM for about $340 million, the latest Japanese acquisition in Southeast Asia.
Faced with weak growth prospects at home and a strong yen, Japanese banks and insurers are stepping up overseas expansion.
TOKYO (Reuters) – Japan’s Bank of Tokyo-Mitsubishi UFJ plans to buy 20 percent of VietinBank CTG.HM from the Vietnamese government for about 60 billion yen ($720 million), a source close to the deal said, as Japan’s cash-rich big banks expand into fast-growing Southeast Asian markets.
The deal by the core retail and commercial bank of Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T: Quote, Profile, Research, Stock Buzz) for a stake in Vietnam’s second-largest partly private lender will mean all three of Japan’s megabanks have a stake in Vietnam’s wobbly banking sector.
TOKYO, Dec 13 (Reuters) – Japan’s Bank of Tokyo-Mitsubishi
UFJ plans to buy 20 percent of VietinBank from the
Vietnamese government for about 60 billion yen ($720 million), a
source close to the deal said, as Japan’s cash-rich big banks
expand into fast-growing Southeast Asian markets.
The deal by the core retail and commercial bank of
Mitsubishi UFJ Financial Group Inc (MUFG) for a stake
in Vietnam’s second-largest partly private lender will mean all
three of Japan’s megabanks have a stake in Vietnam’s wobbly
TOKYO/JAKARTA, Dec 6 (Reuters) – Japan’s Dai-ichi Life
Insurance Co Ltd and Fukoku Mutual Life Insurance Co
are among the companies shortlisted to buy a minority stake in
Indonesia’s Panin Life for about $200 million, sources said.
Controlled by Indonesia’s powerful Gunawan family, PT Panin
Financial is planning to sell an up to 40 percent
stake in its life insurance unit. The shortlisted firms have
been asked to submit binding bids by the end of this month, said
the sources, who had direct knowledge of the deal.