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Nov 12, 2013

SMFG lifts full-year profit forecast on back of Nikkei’s gains

(Recasts, adds details)

* Lifts full-year net profit forecast 750 bln yen from 580
bln yen earlier

* Full year forecast still 5.5 percent below 2012/13 net

* First half net up 53 percent versus year earlier, but Q2
net up 2 pct year-on-year

* Japanese stock rally buoys profits

By Taiga Uranaka

TOKYO, Nov 12(Reuters) – Sumitomo Mitsui Financial Group Inc
, Japan’s third-largest lender by assets, raised its
profit forecast for the year ending in March, as a rally in
Japanese stocks pushed up the value of the bank’s equity
holdings.

Oct 28, 2013

Panel says no cover-up in Japan’s Mizuho mob loans scandal

TOKYO (Reuters) – Mizuho Financial Group (8411.T: Quote, Profile, Research, Stock Buzz) looks likely to escape serious penalty in a loans-to-mobsters scandal after an outside panel said on Monday that Japan’s second-biggest bank by assets did not intentionally cover up the shady lending.

But while Mizuho’s president and CEO, Yasuhiro Sato, is now expected to keep his job and resume his efforts to unify the fractious “megabank” and improve its governance, Mizuho faces an uphill battle in catching up with its expanding peers.

Oct 28, 2013

Japan’s Mizuho likely to escape serious penalty over mob loans

TOKYO (Reuters) – Mizuho Financial Group (8411.T: Quote, Profile, Research, Stock Buzz) looks likely to escape serious penalty in a loans-to-mobsters scandal after an outside panel said on Monday that Japan’s second-biggest bank by assets did not intentionally try to hide the shady lending from investigators.

But while Mizuho’s president and CEO, Yasuhiro Sato, is now expected to keep his job and resume his efforts to unify the fractious “megabank” and improve its governance, Mizuho faces an uphill battle in catching up with its expanding peers.

Oct 27, 2013

Report due on Japan’s Mizuho mob-loan scandal, serious penalty unlikely

TOKYO (Reuters) – Mizuho Financial Group (8411.T: Quote, Profile, Research, Stock Buzz) will try to put a loans-to-mobsters scandal behind it on Monday, but while Japan’s second-biggest bank by assets may escape serious penalty it faces an uphill battle in catching up with its expanding peers.

A panel of lawyers, appointed by Mizuho, will report its findings on how the bank failed for more than two years to end the loans to “yakuza” gangsters after discovering the shady transactions.

Oct 25, 2013

Mizuho CEO set to survive mob scandal, resume reform push

TOKYO (Reuters) – The head of Mizuho Financial Group (8411.T: Quote, Profile, Research) looks set to survive the revelation of bank loans to mobsters, a move that could revive his recently flagging efforts to improve corporate governance at Japan’s second-largest bank by assets.

Mizuho will not sack Yasuhiro Sato as president and CEO, but may suspend his pay for some period, people familiar with the matter said on Friday. The bank is expected to announce its response to the scandal on Monday.

Oct 25, 2013

Mizuho CEO likely to survive mob loan scandal -sources

TOKYO, Oct 25 (Reuters) – The president and CEO of Japan’s
Mizuho Financial Group, Yasuhiro Sato, is likely to
survive a scandal involving loans to members of organised crime
syndicates, sources familiar with the matter said on Friday.

Japan’s second-largest bank by assets has been under fierce
public criticism after top management failed to take action over
the loans for more than two years.

Oct 17, 2013

Japan banking industry says to tighten anti-mob measures

TOKYO, Oct 17 (Reuters) – Japan’s banking industry body said
it plans to share its data on organised crime syndicates with
consumer credit agencies and other financial companies as part
of new measures to combat illicit transactions.

Efforts by the country’s financial industry to shun
organised crime syndicates have come under fresh scrutiny after
Japan’s banking regulator reprimanded Mizuho Financial Group
late last month over loans it made to mob members.

Oct 10, 2013

Tokyo local lenders agree to merge, could prompt consolidation

TOKYO, Oct 10 (Reuters) – Two Tokyo-based local lenders on
Thursday confirmed plans to merge in a move that could prompt a
long-awaited but slow-moving banking industry consolidation in a
country beset with weak loan demand.

Tokyo Tomin Bank Ltd and Yachiyo Bank Ltd
said they have agreed to merge in October next year by setting
up a holding company. Shareholders in both banks will receive
shares in the company in exchange for their stake in the two at
a ratio to be determined later, the banks said.

Oct 8, 2013

Mizuho’s top management knew of organized crime loans

TOKYO (Reuters) – Officials at Mizuho Financial Group (8411.T: Quote, Profile, Research, Stock Buzz), Japan’s second-biggest bank, admitted top management knew at least three years ago about loans to criminal groups, highlighting the entrenched position of organized crime in the Japanese business world.

Bowing deeply for the cameras in the second such ritual of contrition in less than a week, top Mizuho officials reversed their previous position that knowledge of the loans had extended only to compliance officers.

Sep 13, 2013

KKR mulls teaming with Japan state fund on Panasonic unit stake: media

TOKYO (Reuters) – KKR & Co LP is considering teaming up with a state-backed Japanese investment fund to secure a stake in Panasonic Corp’s healthcare business, media reported, although people familiar with the matter said the U.S. firm has not approached the fund yet.

A purchase, which could be worth $1.5 billion, would mark the private-equity firm’s largest investment in a Japanese company. Last year KKR sought a controlling stake in chipmaker Renesas Electronics Corp but lost out to a group led by the state-backed Innovation Network Corp of Japan.