Mizuho CEO Details Asian Expansion Plans, Interested in Acqusitions
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Mizuho Financial Group Inc. chief executive officer, Yasuhiro Sato, announced he has big plans to help the economy grow, while expanding his company greatly along the way.
Some of the CEO's plans include buying an investment bank in Asia, allying with an investment bank, and/or purchasing asset managers and hedge funds in Singapore, India, and Indonesia, according to Bloomberg. Over the next four to five years, the company will also be increasing its number of outside corporate branches throughout Asia from 33 to 50, with seven expected to be built in China.
Mr. Sato said he is willing to talk to any bank which wants to be acquired. The CEO also reported the company has no plans to sell its $1.2 billion initial investment in Merrill Lynch & Co., now owned by Bank of America (NYSE: BAC). Mizuho Financial also owns a $500 million stake in BlackRock Inc. (NYSE: BLK).
Shares of Mizuho are down roughly 33 percent year to date.
Some of the CEO's plans include buying an investment bank in Asia, allying with an investment bank, and/or purchasing asset managers and hedge funds in Singapore, India, and Indonesia, according to Bloomberg. Over the next four to five years, the company will also be increasing its number of outside corporate branches throughout Asia from 33 to 50, with seven expected to be built in China.
Mr. Sato said he is willing to talk to any bank which wants to be acquired. The CEO also reported the company has no plans to sell its $1.2 billion initial investment in Merrill Lynch & Co., now owned by Bank of America (NYSE: BAC). Mizuho Financial also owns a $500 million stake in BlackRock Inc. (NYSE: BLK).
Shares of Mizuho are down roughly 33 percent year to date.
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