In the press release “Transfer of Indonesian Auto Loan Subsidiary Shares” dated February 27, 2020, Mizuho Bank, Ltd. (President & CEO: Koji Fujiwara) announced that we would be transferring shares of PT. Mizuho Balimor Finance (“MBF”), a Mizuho subsidiary based in Indonesia, to our equity method affiliate Orient Corporation (President & Representative Director: Tetsuo Iimori; “Orico”). As of today, the transfer of shares is complete.
Since the announcement on February 27, 2020, Mizuho Bank and Orico have been working together on the necessary procedures for obtaining local regulatory approval and executing the transfer of shares. However, the outbreak of COVID-19 caused delays in said procedures, leading us to postpone the execution of the transfer from the initially planned date of March 31, 2020. Having now obtained all required approvals, we have completed the transfer.
At Mizuho, we will continue to fully leverage the expertise of our entire group going forward to expand our global retail business for initiatives that will contribute to the growth of the ASEAN financial markets.
Reference: “Transfer of Indonesian Auto Loan Subsidiary Shares”
Reference: Outline of MBF
Company name: PT. Mizuho Balimor Finance
Head office: Jakarta, Indonesia
Representative: Noriyuki Kamei
Established: 1989 (Mizuho acquired shares in 2011)
Main business: Financing (mainly automobile loans and leasing business)