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Mizuho FG (Mizuho FG)

ConfidenceCertainUpdated2026-07-29Review by2026-10-27Sources9Machine-translatedOriginal (JA)

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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 minority investment in PayPay Securities, and business alliances with CyberAgent, etc., it complements the B2C digital domain via external 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 ) has been disclosed but is not reflected in this comparison table. See the official Financial Information for the latest results. •

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

Sources: ^[Mizuho「Group Companies」(2026-07-01 時点): https://www.mizuhogroup.com/who-we-are/group/outline; Mizuho「Financial Information」: https://www.mizuhogroup.com/investors/financial-information.]

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

Sources

[!info] Verification status confidence: extracted (v1.3 verified 2026-07-29 against the official Group Companies / Financial Information). The 2025-03 results (net income 8854 億 / total assets 283.3 兆) and major-shareholder ratios are confirmed values as of that point; FY2025 (2026-03 ) has been disclosed but is not incorporated in this article’s financial comparison table. 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).

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