Mizuho Corporate Bank, Ltd., a subsidiary of Mizuho Financial Group, Inc., has decided to terminate the business activities of one of its subsidiaries, Mizuho Corporate Asia (HK) Limited. Details are as follows:
1. Corporate Name and General Information
|Corporate Name||Mizuho Corporate Asia (HK) Limited|
|Location||17th Floor, Two Pacific Place, 88 Queensway,
Hong Kong, S.A.R., The People's Republic of China
|Representative||Mr. Noboru Akatsuka (Managing Director)|
2. Reason for Termination
Mizuho Corporate Bank has decided to establish the Asia Corporate Banking Division and plans to transfer the core operations of Mizuho Corporate Asia (HK) Limited to this new division. In light of this action, the decision was made to terminate the business activities of Mizuho Corporate Asia (HK) Limited and to dissolve it after the transfer and termination of its business activities has been completed.
3. Details of Mizuho Corporate Asia (HK) Limited
|Business Operations||Investment Banking, Securities|
|Date Established||April 1978|
|No. of Shares Outstanding||512,000 shares|
|Total Assets||US$121 million (as at 31 December 2004)|
|No. of Employees||22 (as at 31 December 2004)|
|Shareholders||Mizuho Corporate Bank, Ltd. (100% shareholder)|
|Recent Performance||Ordinary Profits US$2,261,539 (Jan-Dec 2004)
Net Income US$1,990,442 (Jan-Dec 2004)
4. Date of Dissolution
Dissolution is planned to take effect in March 2007 after the transfer and termination of its business activities has been completed.
5. Effect on Profit / Loss
The termination of the business of Mizuho Corporate Asia (HK) Limited will have no material effect on the profit and loss for FY2004 (consolidated and non-consolidated) of Mizuho Financial Group, Inc.
FOR IMMEDIATE RELEASE
March 24, 2005
Mizuho Corporate Bank, Ltd.
Establishment of the Asia Corporate Banking Division
Mizuho Corporate Bank, Ltd. ("MHCB"; President & CEO: Hiroshi Saito) will establish the Asia Corporate Banking Division. Details are as follows:
|1. Objective||The Asia Corporate Banking Division will be established to strengthen MHCB's business promotion capabilities for financial products and services (syndicated finance, asset backed finance, trade finance, settlement, etc.) in Asia, which has demonstrated strong and stable economic growth in recent years.|
|2. Locations||Singapore and Hong Kong|
|3. Date||May 6, 2005|