Japanese bank Mizuho is to establish an asset management operation in North America, according to a report in a Japanese newspaper.
The New York-based new company will be set up in April and will create and market loan-backed securities to investors. Mizuho’s move will see it become the first Japanese bank to compete in the US investment banking market.
The firm will have a market capitalisation of $33.1 billion and will be joint owned by Mizuho Securities and Mizuho Corporate Bank, who will own stakes of 23 per cent and 67 per cent respectively.