In relation to the reorganization of credit card business announced on July 25, 2005, Mizuho Financial Group, Inc. (MHFG) hereby announces that it has decided to transfer all the shares of its consolidated subsidiary, UC Card Co., Ltd. (UC Card; Head Office: Minato-ku, Tokyo, President & CEO: Mitsusuke Yamamoto), to Credit Saison Co., Ltd. (Credit Saison; Head Office: Toshima-ku, Tokyo, President & CEO: Hiroshi Rinno) through a negotiated transaction.
1. Reason for the Transfer of Shares
The Mizuho Group agreed with Credit Saison to enter into a strategic business alliance. As part of this alliance, the shares of the issuance business of UC Card will be transferred to Credit Saison.
2. Outline of UC Card
- *UC Card carried out a corporate split, on October 1, 2005, becoming a company conducting issuance business and a company conducting merchant acquisition and processing operation business (UC Card Co., Ltd.; Head Office: Chiyoda-ku, Tokyo, President & CEO: Kohei Yamashiro). The shares to be transferred are of the company conducting issuance business, and the company conducting merchant acquisition and processing operation business will remain MHFG's consolidated subsidiary.
3. Transferee of Shares
4. Transfer Date
October 11, 2005
5. Number of Shares to be Transferred, Transfer Amount, Shareholdings Before and After the Transfer
6. Effect of this development on our earnings estimates
This will have no material effect on MHFG's consolidated earnings estimates for this fiscal year.
This release contains forward-looking statements that are based on our current expectations and are subject to significant risks and uncertainties. Actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in overall economic conditions, changes in market rates of interest,declines in the value of equity securities or real estate, the deterioration of the quality of loans to certain industry sectors and the effect of new legislation or government directives. We disclaim any obligation to update or revise the forward-looking statements, except as may be required by any applicable laws and regulations.
This release is prepared in order to provide information and does not constitute an offer for sale or solicitation for investment or other similar activity in or outside of Japan.