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    8411   JP3885780001

MIZUHO FINANCIAL GROUP, INC.

(8411)
  Report
Delayed Quote. Delayed Japan Exchange - 01/24 10:54:33 pm
1545.5 JPY   -2.52%
06:14aMIZUHO FINANCIAL : Amendment to Current Report by Foreign Issuer (Form 6-K/A)
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05:14aMIZUHO FINANCIAL : Opening remarks (PDF/234KB)
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05:14aMIZUHO FINANCIAL : Summary of Q&A (PDF/252KB)
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UPDATE1: Mizuho slapped with business improvement order after system flaw

11/26/2021 | 05:48am EST

Japan's financial authorities ordered Mizuho Bank and its parent Mizuho Financial Group Inc. Friday to improve their operations and clarify management responsibility for a series of system failures, in punitive actions that promoted the major financial institution to replace top executives.

The Financial Services Agency ordered them to present measures to prevent a recurrence, while the Finance Ministry ordered the bank to take corrective action, judging that proper anti-money laundering procedures were not implemented for foreign currency remittances in the wake of a system glitch on Sept. 30.

"The management of the bank and the company hold serious responsibility" for the total of eight system failures between February and September that "undermined the credibility of the settlement systems in Japan," the agency said in the administrative order.

The financial watchdog said both entities lacked a sense of urgency in assessing what impact such problems could cause to their customers and demanded that they implement preventive steps as soon as possible.

The Finance Ministry said the bank's executives lacked knowledge of the Foreign Exchange and Foreign Trade Control Law, which requires proper anti-money laundering procedures for overseas remittances. The ministry said communications among sections were insufficient and ordered that prevention steps be submitted by Dec. 17.

Mizuho Financial said the same day that President Tatsufumi Sakai and Mizuho Bank President Koji Fujiwara will resign on April 1.

A successor to Sakai will likely be picked later, while at the banking unit Vice President Masahiko Kato is expected to replace Fujiwara as president, the sources said.

On Feb. 28, around 80 percent of the bank's automated teller machines were temporarily suspended due to a system failure, with more than 5,000 bank cards and bank books getting stuck inside the machines.

The orders came after the agency on Nov. 19 finished its investigation of the chronic system failures.

The agency has been stepping up its supervision of Mizuho, requesting in a business improvement order issued before the eighth failure that it submit a work plan for system maintenance, in a rare move that effectively imposed oversight on a major bank's systems.

Although Mizuho Bank drew up preventive measures in June after experiencing four system failures, the bank has since been hit by similar problems four more times.

==Kyodo

© Kyodo News International, Inc., source Newswire

All news about MIZUHO FINANCIAL GROUP, INC.
06:14aMIZUHO FINANCIAL : Amendment to Current Report by Foreign Issuer (Form 6-K/A)
PU
05:14aMIZUHO FINANCIAL : Opening remarks (PDF/234KB)
PU
05:14aMIZUHO FINANCIAL : Summary of Q&A (PDF/252KB)
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01/23MIZUHO FINANCIAL : (Updated) Submission of Business Improvement Plan
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01/21MIZUHO FINANCIAL : Speech Script (PDF/6,784KB)
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01/21MIZUHO FINANCIAL : Changes of Directors and Executive Officers(PDF/87KB)
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01/18MIZUHO FINANCIAL : Presentation Materialá(PDF/503KB)
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01/18MIZUHO FINANCIAL : Announcement of Changes in Representative Executive Officer (PDF/284KB)
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01/18Mizuho Financial Designates CEO and Chairman from Within
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01/17KYODO NEWS DIGEST : Jan. 17, 2022 -3-
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Analyst Recommendations on MIZUHO FINANCIAL GROUP, INC.
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Financials
Sales 2022 2 190 B 19 242 M 19 242 M
Net income 2022 585 B 5 145 M 5 145 M
Net Debt 2022 - - -
P/E ratio 2022 6,86x
Yield 2022 5,08%
Capitalization 4 019 B 35 286 M 35 316 M
Capi. / Sales 2022 1,84x
Capi. / Sales 2023 1,83x
Nbr of Employees 53 952
Free-Float 96,1%
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Technical analysis trends MIZUHO FINANCIAL GROUP, INC.
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Last Close Price 1 585,50 JPY
Average target price 1 888,33 JPY
Spread / Average Target 19,1%
EPS Revisions
Managers and Directors
Tatsufumi Sakai Executive President, Group ECO & Director
Makoto Umemiya Executive Officer & Manager-Finance Planning
Yasuhiro Sato Executive President, Group CEO & Director
Hiroko Ota Co-Chairman
Satoshi Ishii Director & Group Chief Operating Officer