Mizuho FG (Mizuho FG)
#JapanFG#megabank
On this page
- Wiki route
- TL;DR
- 1. Company overview
- 2025-03 financial results (consolidated)
- Major shareholders (2025-03-31)
- Major subsidiaries / holdings
- Merger background / predecessors
- Key chronology (excerpt)
- 2. Business segment map
- Digital strategy
- Alliance / acquisition strategy
- Overseas strategy
- B2C branding
- 4. Regulation / policy
- Successive presidents
- Related
- Sources
Wiki route
This entry sits under megabanks INDEX. Read it against Mitsubishi UFJ FG (MUFG) for peer / contrast context and banking index for the broader system / regulatory boundary.
TL;DR
Japan’s no. 3 financial group and one of the 3 megabanks (total assets 283.3 兆円, net income 8854 億円 (record high) / 2025-03 results) . A holding company originating from the 2003-01-08 integration of Dai-Ichi Kangyo Bank + Fuji Bank + Industrial Bank of Japan 3 行. The structural complexity stemming from the 3 行 merger and the **large-scale system failures recurring in 2002 / 2011 / 2021 ** were long brand-damaging factors. It moved toward unified group operation under the “One MIZUHO” strategy. Through a capital and business alliance with Rakuten Securities (2022-11-〜), a strategic investment in PayPay Bank, and a JV with CyberAgent (CA Mobile / others), it complements its B2C digital weaknesses via partnerships. G-SIB Bucket 1.
1. Company overview
Formal name: Mizuho Financial Group, Inc. English name: Mizuho Financial Group, Inc. Securities code: TSE PRIME 8411 (listed 2003-03 ) / NYSE: MFG (listed 2006-11-08) Established: 2003-01-08 (by share transfer from under Mizuho Holdings, Inc.) Current structure launched: 2013-07-01 (Mizuho Corporate Bank + Mizuho Bank merger; the new “Mizuho Bank” born) Headquarters: Otemachi 1-5-5, Chiyoda-ku, Tokyo (Otemachi Tower) Governance design: company with nominating committee, etc. (transitioned 2014-06 ) Origin of the name “Mizuho”: “Land of Mizuho” (a land where abundant rice ears ripen = Japan) — an elegant appellation derived from the Kojiki
2025-03 financial results (consolidated)
| Item | Amount |
|---|---|
| Ordinary income | 9 兆 0303 億円 |
| Ordinary profit | 1 兆 1680 億円 |
| Net income | 8854 億円 (record high renewed) |
| Net assets | 10 兆 5200 億円 |
| Total assets | 283 兆 3200 億円 |
| Employees (consolidated) | 52,554 名 (parent 2,626 名) |
| Capital | 2 兆 2560 億円 |
※ Figures are the confirmed values from the 23 th-term (2025-03 ) securities report / Wikipedia infobox. FY2025 (2026-03 ) is to be disclosed 2026-05-15, not reflected in this article.
Major shareholders (2025-03-31)
| Shareholder | Ratio |
|---|---|
| The Master Trust Bank of Japan (trust account) | 15.38% |
| Custody Bank of Japan (trust account) | 5.59% |
| JP Morgan Chase Bank | 3.91% |
| State Street Bank | 3.80% |
| JP Morgan Securities | 1.87% |
| The Bank of New York Mellon | 1.39% |
| Barclays Securities | 1.20% |
| Nomura Trust and Banking (investment-trust account) | 1.20% |
Major subsidiaries / holdings
Mizuho FG (holding company, listed 8411)
├── Mizuho Bank (100%) ── commercial-banking core, one of the 3 megabanks
│ ├── Overseas locations: Americas / Europe / Asia (China, Thailand, Indonesia, etc.)
│ └── Mizuho e-Business Bank / e-Mizuho (digital banking)
├── Mizuho Trust & Banking (100%) ── trust / pensions / real estate
│ └── Mizuho Asset Management (former DIAM trust portion)
├── Mizuho Securities (100%) ── one of Japan's 4 major net / face-to-face securities firms
│ ├── Mizuho Securities Asia / Europe / Americas
│ └── Capital and business alliance with Rakuten Securities (acquired Rakuten Securities shares approx. 49%, announced 2022-10 / completed 2022-11 ) ★
├── Asset Management One (51% / Dai-ichi Life 49%) ── one of Japan's largest AMs, AUM over 60 兆
├── Mizuho Research & Technologies (100%) ── think tank / IT subsidiary (former Mizuho Information & Research Institute + Mizuho Research Institute)
├── Mizuho Leasing (equity method 23.5%, jointly held with Marubeni) ── TSE PRIME 8425
├── Orient Corporation (equity method approx. 49%) ── major credit firm, TSE PRIME 8585
└── PayPay Securities (Mizuho Securities invests approx. 24.8%, collaborating with SoftBank/LINE Yahoo lineage) ── former One Tap BUY; in 2025-02 PayPay consolidated it as a subsidiary (Mizuho Securities continues to invest as a collaboration partner)Merger background / predecessors
- Former Dai-Ichi Kangyo Bank (DKB): 1971 merger of Dai-Ichi Bank + Nippon Kangyo Bank. The former Dai-Ichi Bank was Japan’s oldest bank, founded by Shibusawa Eiichi in 1873
- Former Fuji Bank: 1948〜 (former Yasuda Bank / Yasuda zaibatsu lineage), renamed after the postwar GHQ zaibatsu dissolution
- Former Industrial Bank of Japan (IBJ): established 1902 , handled long-term credit finance as a special bank → converted to an ordinary bank postwar, then specialized in corporate finance as a long-term credit bank
- 2000-09-29 Mizuho Holdings established (3 行 became wholly-owned subsidiaries via share transfer)
- 2002-04-01 Mizuho Bank + Mizuho Corporate Bank launched (functional split of individual / SME vs large-corporate / international)
- 2003-01-08 Mizuho FG launched (pure-holding-company structure above HD)
- 2013-07-01 Mizuho Bank + Mizuho Corporate Bank → new “Mizuho Bank” re-integrated (functional split revisited after 11 years)
Key chronology (excerpt)
| Year/month | Event |
|---|---|
| 2000-09-29 | Mizuho Holdings established (Dai-Ichi Kangyo + Fuji + IBJ) |
| 2002-04-01 | Mizuho Bank (retail) / Mizuho Corporate Bank (wholesale) separately launched |
| 2002-04 | No. 1 large-scale system failure (first day of the merger. ATM stoppage, account-transfer delays, double debits) |
| 2003-01-08 | Mizuho FG launched (pure-holding-company structure, listed on TSE 1 section) |
| 2006-11-08 | NYSE listing (MFG) |
| 2011-03 | No. 2 large-scale system failure (excessive processing of Great East Japan Earthquake relief donations → account-transfer delays, transfer stoppage) |
| 2013-07-01 | Mizuho Bank + Mizuho Corporate Bank → new Mizuho Bank re-integrated |
| 2014-06 | Transition to company with nominating committee, etc. |
| 2016-07-01 | Mizuho Securities + Shinko Securities (subsidiary securities) fully integrated |
| 2018-04-01 | Mizuho Research & Technologies launched (Mizuho Information & Research Institute + Mizuho Research Institute) |
| 2021-02〜09 | No. 3 large-scale system failures recurring (11 times in 2021 年 alone. ATM trouble, cash cards swallowed, etc.) |
| 2021-11 | FSA business-improvement order (system-related, the 2 th banking business-improvement order in history) |
| 2022-01 | President Tatsufumi Sakai resigns, President Masahiro Kihara takes office |
| 2022-10-07 | Announcement of the capital and business alliance with Rakuten Securities (Mizuho Securities acquired Rakuten Securities shares approx. 49%, approx. 800 億円 scale) ★ |
| 2023-04 | Completed approx. 19.99% investment in Rakuten Securities HD (later + α) |
| 2023-09-22 | Completed acquisition of US Greenhill (approx. 770 億円 / 5.5 億 dollars) ── strengthening M&A advisory |
| 2024-04-01 | Under President Kihara, launched “Medium-Term Management Plan 2024-2026” |
| 2024-05 | New medium-term management plan 2024-2026 announced (cumulative net income of 1 兆円 over 5 years targeted, ROE over 8%) ★ |
| 2024-10 | Announced “Mizuho Rakuten Card,” a collaboration credit card with Rakuten Card |
| 2025-03 | Achieved net income of 8854 億円 (record high renewed) |
| 2025-09 | Announced formation of a PE / investment fund for Japanese companies jointly with US Bain Capital (on a scale of several hundred billion yen) |
2. Business segment map
| Segment | Main operators | Characteristics |
|---|---|---|
| Domestic corporate (wholesale) | Mizuho Bank / Mizuho Securities | Main bank for large corporations since the former IBJ, long-term credit function, top-tier in the syndicated-loan industry |
| Domestic individual (retail) | Mizuho Bank + Mizuho Securities + Rakuten Securities (49%) | Individual digital complemented by channel cooperation with Rakuten |
| Trust / pensions | Mizuho Trust & Banking | One of the 3 major trusts, pensions / real estate |
| Securities IB | Mizuho Securities / US Greenhill (acquired 2023) | Strengthening global M&A advisory |
| Asset management | Asset Management One (51%, JV with Dai-ichi Life) | One of Japan’s largest AMs, AUM over 60 兆 |
| Think tank / IT | Mizuho Research & Technologies | Merger of former Information & Research Institute + Research Institute, in-house IT |
| Overseas | Mizuho Bank overseas locations + Greenhill | Americas / Europe / Asia (China, Thailand, Indonesia) |
| Digital | e-Mizuho (Mizuho Bank net banking) + Rakuten Securities cooperation | Weak in-house digital, complemented by partnerships |
| Credit / cards | Orico (equity method approx. 49%) + Mizuho Rakuten Card | Distanced from UC Card (Mitsubishi UFJ NICOS lineage) |
| Leasing | Mizuho Leasing (equity method 23.5%, Marubeni 23%) | TSE PRIME 8425 |
Digital strategy
- “One MIZUHO” strategy: a long-term theme of 3 行 cultural integration and unified group operation
- e-Mizuho: digital banking for individuals
- MINORI (Mizuho’s next-generation core system): fully operational 2019 年, an ultra-large-scale system overhaul with investment over 4500 億円. But it also became the epicenter of the 2021 年 recurring failures
- AI / ChatGPT business utilization: in 2023-06 began conversational-AI use for almost all domestic employees (approx. 3.5 万 people). Co-developed with Microsoft Japan, utilized for document creation, summarization, translation, programming, etc. The first among megabanks to deploy it company-wide for all employees (announced under consideration in 2023-04 )
Alliance / acquisition strategy
- Rakuten Securities capital and business alliance (2022-10〜) ★: Mizuho Securities acquired Rakuten Securities shares approx. 49% (just under approx. 50% after later capital increases), approx. 800 億円 scale. The first deep investment by a megabank in an external net broker. Commonizing retail customer channels and product platforms
- US Greenhill acquisition (completed 2023-09 , approx. 770 億円 / 5.5 億 dollars): bringing an independent global M&A advisory under its umbrella, the first acquisition of an independent investment bank by a Japanese bank
- JV with Dai-ichi Life: Asset Management One (51:49)
- PayPay Securities investment (former One Tap BUY): Mizuho Securities formed a JV jointly with SoftBank in 2020-10 , with Mizuho Securities investing approx. 24.8%. Even after PayPay consolidated the company as a subsidiary in 2025-02 , Mizuho Securities continues to invest as a collaboration partner
- Business alliance with CyberAgent, etc.: Mizuho Bank, CyberAgent, and FreeWheel concluded a strategic business alliance for the marketing-platform business in 2024-01-26, and launched advertising businesses such as digital-signage advertising in 2024-10
- JV with Marubeni: Mizuho Leasing (equity method 23.5%, Marubeni 23%)
- Formation of a PE fund with Bain Capital (announced 2025-09 )
Overseas strategy
- Americas: NY-based Mizuho Americas (former Mizuho Corporate Bank NY branch) + Greenhill (independent M&A)
- Asia: China (Mizuho Bank China) / Thailand / Indonesia / Singapore, etc.
- Europe: London IBD (derived from the former IBJ London)
B2C branding
- Corporate color: Mizuho Blue (trust / intellect) + a rice-ear-motif logo
4. Regulation / policy
- Supervisor: Financial Services Agency (FSA)
- Holding-company regulation: Article 52 -17 of the Banking Act
- Overseas regulation: US Federal Reserve (FRB / OCC), ECB / BoE, China CBIRC, Thailand BoT, etc.
- Business-improvement orders: received multiple business-improvement orders for the large-scale system failures of 2002 / 2011 / 2021 and 3 times. The 2021-11 order was the 2 th banking business-improvement order in history (including the past)
- Recent policy issues:
- 2024〜 BoJ policy-rate normalization → domestic interest-margin improvement bonus (common to the 3 行 megabanks)
- 2025〜 progress of the mid-term plan 2024-2026 / achieving the ROE 8% target
- Strengthening sustainable finance / decarbonization lending policy
Successive presidents
| Term | Name | Tenure | Alma mater / predecessor bank |
|---|---|---|---|
| 1 | Terunobu Maeda | 2003-01〜2009-04 | Former Fuji Bank lineage / UTokyo Law |
| 2 | Takashi Tsukamoto | 2009-04〜2011-06 | Former Dai-Ichi Kangyo lineage / UTokyo Law |
| 3 | Yasuhiro Sato | 2011-06〜2018-04 | Former IBJ lineage / UTokyo Economics |
| 4 | Tatsufumi Sakai | 2018-04〜2022-01 | Former IBJ lineage / UTokyo Law (resigned taking responsibility for the 2021 system failures) |
| 5 | Masahiro Kihara | 2022-02〜 incumbent | Former IBJ lineage / UTokyo Economics |
Related
Sources
- Wikipedia: Mizuho Financial Group (https://ja.wikipedia.org/wiki/みずほフィナンシャルグループ, extracted 2026-05-19)
- Wikipedia: Mizuho Bank (https://ja.wikipedia.org/wiki/みずほ銀行, extracted 2026-05-19)
- Mizuho FG 23 th-term (2025-03 ) securities report
- Mizuho FG “Medium-Term Management Plan 2024-2026” (disclosed 2024-05 )
- Mizuho FG history (official IR, updated 2025-04 )
- Nihon Keizai Shimbun “PayPay Securities to become a consolidated subsidiary; PayPay, to a 75% stake” (https://www.nikkei.com/article/DGXZQOUB102E20Q5A210C2000000/, 2025-02) ── Mizuho Securities’ 24.8% investment in PayPay Securities
- Nihon Keizai Shimbun “Mizuho Bank enters the advertising business, partners with CyberAgent” (https://www.nikkei.com/article/DGXZQOUB256360V20C24A1000000/, 2024-01) ── business alliance with CyberAgent / FreeWheel
- Yahoo! News / ABEMA TIMES “A first among megabanks: Mizuho Bank introduces conversational AI into operations” (https://news.yahoo.co.jp/articles/51973b383cf6057abe0cb43e1aa87a4c64d27bd5, 2023) ── company-wide conversational-AI deployment for all employees
[!info] Verification status confidence: extracted (v1.2 Wikipedia infobox + official IR + public-reporting verification 2026-05-19). The 2025-03 results (net income 8854 億 / total assets 283.3 兆) and major-shareholder ratios are confirmed values. The FY2025 (2026-03 ) results are to be disclosed 2026-05-15 but are not incorporated in this article. The Greenhill acquisition amount (770 億円 / 5.5 億 dollars) and the Rakuten Securities capital-alliance amount (approx. 800 億円) vary with the exchange rate / deal structure at the time. The claims of “investment in PayPay Bank” and “CA Mobile JV” are misrecognitions and are isolated to
.opinions/JapanFG/mizuho-fg.md, and the body is corrected to the confirmed PayPay Securities investment (Mizuho Securities 24.8%) and the business alliance with CyberAgent, etc. The ChatGPT all-employee deployment (a first among megabanks) has been confirmed and corrected via public reporting (former “lower-grade among megabanks” misnotation).