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SINGAPORE: The wholesale banking unit of the Japanese banking giant, Mizuho Financial Group, has received a full bank licence to operate in Singapore.
Mizuho Corporate Bank is aiming to grow its presence in the region and plans to use Singapore to drive that growth.
The bank has been a brand name familiar to many in Japan. Now, it is aiming to expand its overseas businesses so that revenues from markets outside Japan will make up half of its total revenues in two to three years. This is up from the current 40 to 45 per cent.
Mizuho has been operating in Singapore as a wholesale bank for the past three years, and it sees the city-state as a springboard to help drive growth.
Mizuho Corporate Bank's head of Asia and Oceania operations, Keizo Ohashi, said: "Revenue from our Singapore operations more than doubled. Today, Singapore is one of our most important overseas branches, providing products, business solutions, IT systems, risk management and other expertise to our other branches in South and South-east Asia."
Mizuho plans to focus on ship financing in Singapore to support the shipping industry. The lender also plans to venture into energy project financing from its Singapore operations.
It said the constant supply of skilled talent in Singapore is key to success.
Keizo Ohashi said: "I strongly believe that the most precious asset of a bank is not in the bonds that it holds nor the tier 1 capital it maintains. It is in its human capital. One factor accounting for our growth in Singapore is the high quality of the Singapore workforce."
To further groom talent in Singapore, the bank has partnered the National University of Singapore to offer scholarships and bursaries to NUS Business School students.
It will also offer up to 10 internships at its offices in Singapore and Tokyo every year. - CNA/ir
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