Mizuho Financial Group, Inc. ("MHFG") hereby announces that the Board of Directors of Mizuho Holdings, Inc. ("MHHD"), a wholly-owned subsidiary of MHFG, has resolved today to repurchase its own stock pursuant to Article 210 of the Japanese Commercial Code.
1. Reason for the repurchase of its own stock by MHHD
In the press release, "Implementation of the "Channel to Discovery" Plan" issued on April 26, 2005, it was announced that MHHD would be re-formed into a new advisory company. Accordingly, MHHD has resolved today that effective as of October 1, 2005, MHHD will be re-formed into the advisory company by changing its trade name to Mizuho Financial Strategy Co., Ltd. ("MHFS") and acquiring the advisory business regarding corporate revitalization from Mizuho Advisory, Inc. ("MHAD") that has played a key role in the "Corporate Revitalization Project" of Mizuho Financial Group. (Please refer to the attached "Company Profile of Mizuho Financial Strategy Co., Ltd.(PDF/59KB)")
This repurchase will be implemented in order for MHFS to adjust its capital level appropriate for an advisory company.
2. Outline of the repurchase
| (1) Type of stock to be repurchased | A part of common stock and all of preferred stock |
| (2) Total amount to be paid for the repurchase | JPY 2,109.1 billion (If MHHD makes another stock repurchase before the scheduled date of this repurchase below, the amount of such repurchase will be deducted from the total amount above.) |
| (3) Seller of the stock | MHFG |
| (4) Scheduled date of the repurchase | October 1, 2005 |
3. Effect on the profits / losses of MHFG
Today, MHFG has issued a separate press release, "Revision of Non-Consolidated Earnings Estimates for Fiscal 2005", to disclose the effect of the repurchase.
(Reference)
As of July 20, 2005, MHHD has no treasury stock.
- The statements contained in this press release of the current expectations are forward-looking statements subject to significant risks and uncertainties, and actual results may differ materially. 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, further declines in the value of equity securities or real estate, further deterioration of the quality of loans to certain industry sectors and the effect of new legislation or government directives.
- This press release does not constitute an offer for sale or solicitation for investment or other similar activity in and outside of Japan.