Mizuho to Shed 130 Domestic Branches over 5 Years

Economy

Tokyo, May 15 (Jiji Press)--Japan's Mizuho Financial Group Inc. <8411> on Wednesday announced a new business plan featuring stepped-up structural reform measures.

The plan calls for reducing the number of domestic branches by 130, instead of the previously set goal of 100, through integration or scrapping.

Mizuho also aims to post 900 billion yen in consolidated real net business profit in fiscal 2023, the final year of the plan.

"We aim to shift to next-generation financial operations by pushing reforms of our business and finance structures, and our corporate foundations," Mizuho President Tatsufumi Sakai said at a press conference on the same day.

The plan spans a period of five years, compared with the three years for past business plans by the major banking group. Mizuho intends to accelerate reforms in the first three years and reap results in the final two years.

[Copyright The Jiji Press, Ltd.]

Jiji Press