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.
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.
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.
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.
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.
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.
WAKKANAI, Japan (Reuters) – First the commercial fisheries began shutting down in this hardscrabble corner of Japan’s northern coast. Then tourism fizzled.
Now, the small-town bank that serves Wakkanai, at the tip of Hokkaido, is grappling with a problem common throughout Japan’s financial system: to survive years of deflation it has had to stray far from its core mission of making loans, and the easy investment income it has come to rely on is looking shaky.
TOKYO (Reuters) – Japan’s biggest banks got a pop in quarterly profits from Prime Minister Shinzo Abe’s economic-revival policies, but the gains reflected surging stock prices while loan growth remained limp, further evidence that “Abenomics” has not yet stoked lasting economic activity.
The sharply improved April-June results at the three megabanks – Mitsubishi UFJ Financial Group Inc (8306.T: Quote, Profile, Research, Stock Buzz), Mizuho Financial Group Inc (8411.T: Quote, Profile, Research, Stock Buzz) and Sumitomo Mitsui Financial Group Inc (8316.T: Quote, Profile, Research, Stock Buzz) – showed that the effect of the massive monetary easing and hefty government spending over recent months remains largely confined to financial markets.
TOKYO, July 31 (Reuters) – Mitsubishi UFJ Financial Group
Inc, Japan’s top lender by assets, and No. 2 Mizuho
Financial Group Inc said their quarterly net profits
had risen by more than a third, driven by a rally in Japanese
stocks that pushed up the value of their equity portfolios.
MUFG and Mizuho join third-ranked Sumitomo Mitsui Financial
Group Inc in reporting higher profits for April-June,
after expectations for Prime Minister Shinzo Abe’s economic
policies propelled Tokyo stocks to an over five-year high in
TOKYO (Reuters) – Tokio Marine Holdings Inc (8766.T: Quote, Profile, Research) is seeking acquisitions in the United States and Mexico to spread out its risk, the CEO of Japan’s largest property-casualty insurer by market value said, as rivals go after growth closer to home in Southeast Asia.
With sizable business in Britain and North America, Tokio Marine is currently the most geographically diverse Japanese insurer. CEO and President Tsuyoshi Nagano told Reuters Tokio Marine was keen to further expand abroad to diversify its risk, rather than to offset weak growth prospects at home.