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Mizuho to expand overseas lending

Mizuho to expand overseas lending

(30 July 2012 – Japan) Japan’s Mizuho Financial Group is looking to expand overseas lending by a further 30 percent. The bank has already increased loans overseas by 25 percent from a year earlier in March.

Mizuho intends to target Asian companies unable to borrow from European banks that are retrenching amid the eurozone debt crisis.

The banking group expects 30 percent of operating profit to come from abroad within three years and may consider acquiring a financial institution.

Nobuhide Hayashi, a managing executive officer at Mizuho’s corporate banking unit, said Mizuho’s planned acquisition of the Brazilian unit of German bank WestLB AG’s will enhance Mizuho’s ability to lend abroad.

Mizuho increased loans overseas by 25 percent from a year earlier to US$127.8 billion A$122 billion) as of 31 March.

About 20 percent of its operating profit came from abroad last fiscal year and it expects to boost that figure to 23 percent this year.
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