Mizuho Financial Group, Inc. (President & CEO: Yasuhiro Sato) ( "MHFG" ), Mizuho Bank, Ltd. (President & CEO: Takashi Tsukamoto) ( "MHBK" ) and Mizuho Corporate Bank, Ltd. (President & CEO: Yasuhiro Sato) ( "MHCB" ) announced on November 14, 2011 in the release titled "Memorandum of Understanding on Merger between Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd." that MHBK and MHCB plan to conduct a merger (the "Merger" ) by around the end of the first half of fiscal year 2013, on the assumption that filings will have been made to, and permission obtained from, the relevant authorities in Japan and any foreign countries. MHFG, MHBK and MHCB hereby announce that they have determined at their respective meetings of the board of directors held today that the effective date of the Merger (the "Scheduled Date of the Merger" ) shall be July 1, 2013.
MHFG, MHBK and MHCB have determined the Scheduled Date of the Merger based on, among other things, how we need to adequately and carefully inform our customers of the changes to our products, service and procedures, etc., and secure sufficient time to develop systems and conduct tests and rehearsals, etc., to ensure an appropriate transition of our systems.
Except for the aforementioned determination of the Scheduled Date of the Merger, there is no change from what was announced on November 14, 2011. The management structure and management personnel, etc., that will be put in place after the Merger will be announced as soon as they are determined.
In addition, as announced on January 20, 2012 in the release titled "Transformation into "Substantive One Bank" Structure ˜ Organizational Change of Mizuho Financial Group, Mizuho Bank and Mizuho Corporate Bank ˜", Mizuho aims to further improve customer convenience by establishing a new corporate structure and corporate governance structure, and shall take measures to realize the synergies generated from the Merger as soon as possible prior to the Scheduled Date of the Merger under the "substantive one bank" structure to be implemented in April 2012.