New York, March 2, 2018 – Mizuho Bank, Ltd. announces it is the first Japanese bank to sign a memorandum of understanding (MOU) with Itau CorpBanca Colombia S.A. (Itau Colombia). With this agreement, Mizuho will participate in the further economic development of Colombia while better serving its clients interested in entering or strengthening their business interests in the fourth largest economy in Latin America.
Itau Colombia is part of the Itau Unibanco Holding S.A. (Itau Unibanco), the largest private financial institution in Brazil, with an extensive network in Colombia (175 locations as of September 2017) and top share in the country for project finance. MHBK has maintained business cooperation with Itau Unibanco in Brazil since 2009.
From a geopolitical perspective, the peace agreement signed in 2016 between the government and the Revolutionary Armed Forces of Colombia is expected to further stimulate economic growth. In addition, Japan and Colombia agreed in principle on the terms of a tax treaty in December 2016 and have been in negotiations for an economic partnership agreement, which is expected to attract more direct investment from Japan.
The relationship with Itau Colombia is expected to help Mizuho provide its clients with local economic information and a range of financial services, such as local currency transactions as well as trade finance, lease finance, and project finance support.
Mizuho has been expanding its business in Latin America, with the opening of Banco Mizuho do Brasil S.A. in July 2013, Santiago Representative Office (Chile) in September 2014, and Mizuho Bank Mexico, S.A. in March 2017.
About Mizuho Americas
Mizuho Americas is a leading financial institution comprising several legal entities, which together offer clients corporate and investment banking, financing, securities, treasury services, asset management, research and more. With professionals in offices throughout the US, Canada, Mexico, Brazil and Chile, Mizuho’s operations in the Americas connect a broad client base of major corporations, financial institutions and public sector groups to local markets and a vast global network. Learn more at mizuhoamericas.com.
Mizuho Americas is an integral part of the Japan-based Mizuho Financial Group, Inc. (NYSE: MFG). The Mizuho group is a global financial services leader with offices in nearly 40 countries, approximately 60,000 employees, and assets of more than USD 1.8 trillion. Mizuho provides expertise in retail banking, corporate finance, investment banking, asset management, capital markets, and sales and trading, to help businesses develop and find new opportunities for growth. To learn more: www.mizuho-fg.com