On December 13, 2005, Mizuho Corporate Bank, Ltd. (President: Hiroshi Saito) received permission from the China Banking Regulatory Committee to commence preparation for the establishment of a branch in the city of Wuxi, Jiangsu Province, People's Republic of China. Accordingly, Mizuho Corporate Bank is moving forward with preparations for the establishment of a branch in Wuxi, with start-up of operations planned for the first half of fiscal 2006.
Mizuho Corporate Bank has been building a close relationship with the city of Wuxi over a long period of time, including the conclusion of a business collaboration agreement in March 2003. Jiangsu Province is an area neighboring Shanghai which boasts a superb investment environment, and Mizuho Corporate Bank decided to establish a branch in Wuxi to support and provide banking services to the rapidly increasing number of Japanese corporations starting or expanding operations in the area. At present, there are no branches of foreign banks (including Japanese banks) located in Wuxi, making Mizuho Corporate Bank the first foreign bank to receive such permission.
Mizuho Corporate Bank's current network in China (not including Taiwan and Hong Kong) consists of four branches and five representative offices. The addition of a fifth branch, the Wuxi Branch, will give Mizuho Corporate Bank the most extensive network in China (not including Taiwan and Hong Kong) of any Japanese bank, enabling Mizuho to provide unsurpassed support and services to our customers wishing to engage in business in the region.
Outline of Wuxi (reference)
|Population (2004)||4.5 million|
|Location||Southern Jiangsu Province, approx. 130 km west of Shanghai.|
|Business Environment||Along with Suzhou, Wuxi is a leading major industrial city of Jiangsu Province. In recent years, the concentration of electronics and information related industries in Wuxi has intensified, making it a popular location for foreign (primarily Japanese) companies.|