TOKYO (Reuters) – Mizuho Financial Group Inc (8411.T: Quote, Profile, Research, Stock Buzz) posted a 36 percent decline in October-December net profit as stock-related income fell from the end of 2012 when shares prices shot up ahead of the election of a pro-growth government.
The Japanese lender, like bigger rival Mitsubishi UFJ Financial Group Inc (8306.T: Quote, Profile, Research, Stock Buzz), has had a bumper year in its stock portfolio since Prime Minister Shinzo Abe campaigned for office promising to end a decade of deflation.
TOKYO, Jan 29 (Reuters) – Sumitomo Mitsui Financial Group
Inc is on track to end a bumper year as a sustained
market rally lifts the bank’s stock portfolio, letting it brush
off a 9.3 percent profit fall in a third quarter absent of hefty
Japan’s third-largest lender by assets and rivals Mitsubishi
UFJ Financial Group Inc and Mizuho Financial Group Inc
are widely expected to report their best year in terms
of combined profit since the financial year ended March 2006.
TOKYO, Jan 23 (Reuters) – Japan’s Mizuho Financial Group Inc
named a new head of its core lending unit on Thursday
in the latest shake-up of its management following a scandal
over loans to organised crime.
Japan’s second-biggest banking group said Vice President
Nobuhide Hayashi, 56, will take over as head of Mizuho Bank,
which handles retail and wholesale banking, effective April 1,
replacing Yasuhiro Sato.
TOKYO/HONG KONG (Reuters) – A joint venture between U.S. investment bank Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) and Japan’s Mitsubishi UFJ Financial Group (8306.T: Quote, Profile, Research, Stock Buzz), which suffered from a culture clash in its early stages, looks to have found its footing.
The venture, spawned from MUFG’s $9 billion investment in the Wall Street firm during the financial crisis, is a big winner from Suntory Holdings Ltd’s $13.6 billion deal this week to buy U.S. whiskey maker Beam Inc (BEAM.N: Quote, Profile, Research, Stock Buzz).
LONDON, Jan 14 (Reuters) – Banks have been contacted about
providing longer-term financing to refinance a jumbo bridge loan
that is backing Suntory Holdings Ltd’s $16 billion
acquisition of Beam Inc, banking sources said on
Suntory said that it would fund the purchase of the US
drinks maker with cash and a fully committed financing from Bank
of Tokyo-Mitsubishi UFJ when it announced the acquisition on
TOKYO, Dec 27 (Reuters) – Japan’s banking industry body said
it would set up a separate administrator for interbank benchmark
rates with more independent monitoring of the rate-setting
process, which is under review globally in the wake of
Authorities in Europe and elsewhere have been pushing for
the overhaul of interbank lending-rate setting, which has been
criticised for a lack of transparency and given rise to cases of
collusion on rate-setting among banks for their advantage.
TOKYO (Reuters) – Mizuho Financial Group (8411.T: Quote, Profile, Research, Stock Buzz) chairman Takashi Tsukamoto will quit in March to take responsibility for a scandal over loans to organized crime, and the bank will restructure its board to improve governance, it said on Thursday.
Japan’s banking regulator issued a second business-improvement order to the country’s second-largest lender on Thursday due to its inaction and false reporting over loans it has extended to organized crime members.
TOKYO (Reuters) – Japan’s fifth-largest lender, Sumitomo Mitsui Trust Bank, is planning to increase its overseas loan balances, with at least 1 trillion to 2 trillion yen ($9.6 billion-$19.2 billion) more capacity available to lend abroad, its top executive said.
“For overseas lending, we are diversifying our portfolio in terms of geography, borrower types, duration and timing,” said Hitoshi Tsunekage, president of Sumitomo Mitsui Trust Bank (SMTB), in an interview.
TOKYO, Dec 25 (Reuters) – Cash-rich Japanese bank Sumitomo
Mitsui Financial Group Inc (SMFG) is poised to swoop on
businesses for sale in places like Asia as global rivals sell
assets to boost their balance sheets, the lender’s president
Koichi Miyata, president of Japan’s third-largest lender by
assets, told Reuters in an interview that he expects global
banking consolidation to continue against the backdrop of
tighter international rules on how much capital lenders should
have, introduced in the wake of the 2008 financial crisis.
TOKYO (Reuters) – The 81-year-old Japanese executive who built 7-Eleven into the world’s biggest convenience store chain has a new mission: turning more than 50,000 bricks and mortar stores in Japan into portals to a new online retail empire.
To do it, Toshifumi Suzuki, the chief executive of department store to mail order retailer Seven & I Holdings Co, is once again seeking inspiration in the United States. It’s over 40 years since he kickstarted a revolution in Japanese retail by bringing 7-Eleven stores across the Pacific, eventually buying the U.S. owners after they sought bankruptcy protection.