In the press release, "Implementation of the "Channel to Discovery" Plan" issued on April 26, 2005, Mizuho Financial Group, Inc. ("MHFG") announced that the four financial subsidiaries for corporate revitalization would cease operations during FY 2005 in consequence of the termination of the "Corporate Revitalization Project". MHFG hereby announces that its subsidiaries, Mizuho Bank, Ltd., Mizuho Corporate Bank, Ltd. and Mizuho Trust & Banking Co., Ltd., will merge with their own financial subsidiaries for corporate revitalization respectively, as of October 1, 2005.
This is subject to the appropriate regulatory approval and other procedures in Japan and all other relative countries.
1. Related parties of mergers
|Parent Bank (Surviving Entity)||Financial Subsidiary
|Mizuho Bank, Ltd.||Mizuho Project, Ltd.|
|Mizuho Corporate Bank, Ltd.||Mizuho Corporate, Ltd.
Mizuho Global, Ltd.
|Mizuho Trust & Banking Co., Ltd.||Mizuho Asset, Ltd.|
(Please refer to Appendix "Company Profiles (PDF/70KB)" for information on the above parties.)
2. Schedule for mergers
|Board meetings for approval of the merger agreements||July 20, 2005|
|Signing of the merger agreements||July 20, 2005|
|Shareholders' meetings for approval of the merger agreements
(4 financial subsidiaries)
|August 4, 2005 (scheduled)|
|Date of the mergers||October 1, 2005 (scheduled)|
|Registration of the mergers||October 3, 2005 (scheduled)|
With respect to the existing customers of each financial subsidiary, services will be offered by respective parent banks after the mergers.
3. Effect on profits and losses of MHFG
The mergers will not affect MHFG's Non-Consolidated and Consolidated Earnings Estimates for Fiscal 2005.
- 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.