Mizuho Completes Full Banking System Integration

Economy

Tokyo, July 16 (Jiji Press)--Japan's Mizuho Financial Group Inc. <8411> put its new banking system into full operation Tuesday, marking the completion of its system integration efforts from 17 years ago.

The group, created through the merger of three major banks, resumed all its banking services, including through automated teller machines, at 8 a.m. (11 p.m. Monday GMT) after a suspension during the three-day weekend from Saturday.

The megabank group was launched in 2000 through the integration of Dai-Ichi Kangyo Bank, Fuji Bank and Industrial Bank of Japan.

The three were reorganized into Mizuho Bank and now-defunct Mizuho Corporate Bank in April 2002. On the very day of the reorganization, however, Mizuho Bank had a massive banking system failure.

Mizuho Bank had another massive system breakdown just after the March 2011 earthquake and tsunami that hit heavily the Tohoku northeastern region. At that time, Mizuho Bank used the three old systems of the predecessor banks.

[Copyright The Jiji Press, Ltd.]

Jiji Press