Mizuho Bank, Ltd. (MHBK; President and CEO: Nobuhide Hayashi) and UC Card Co.,Ltd. (UC Card; President and CEO: Nobuaki Kitajima), which are consolidated subsidiaries of Mizuho Financial Group, Inc., have revised the Comprehensive Strategic Business Alliance Agreement on December 24, 2004 with Credit Saison Co.,Ltd. (Credit Saison; President and CEO: Hiroshi Rinno) and Qubitous Co., Ltd. (Qubitous; President and CEO: Haruhisa Kaneko) by entering into an Agreement for Modification to the Comprehensive Strategic Business Alliance Agreement and the Associated Agreements.
Purpose of the revision
Since MHBK concluded the Comprehensive Strategic Business Alliance Agreement, there have been various changes and developments in the credit card industry. In consideration of this business environment, it was determined that a revision would better enable all parties to remain competitive and grow their businesses.
Outline of the revision of the Comprehensive Strategic Business Alliance
Under the previous agreement, Credit Saison mainly handled credit–card issuing business and UC Card mainly handled credit–card acquiring business and they collaborated with one another to form a unified operation. Under the modified agreement, both companies will develop their own respective issuing business and acquiring business.
In maintaining our mutually beneficial partnership with Credit Saison, we will continue to work together in the following areas in the same manner as before:
Mizuho Mileage Club Card «Saison» which is a joint business of MHBK and Credit Saison
Expansion of processing business and the development of a next–generation IT system by Qubitous, which is a joint–processing company
Financial results outlook
This revision will not have a significant effect on either consolidated or unconsolidated financial results for the current term.