Mizuho Financial Group is planning a restructure of its European Union (EU) banking and securities businesses, bringing them together under one umbrella as a Universal Bank, subject to approval from regulators.
The merger of its EU businesses is planned for 2025, according to the business, with client service at the forefront of the decision-making process.
The move is set to enhance the banks products and services within the highly competitive EU market.
Amidst this update, Mizuho has confirmed that it is in the process of closing its offices in Brussels, Dusseldorf, Milan, and Vienna – pending regulatory approval.
Mizuho’s banking hub in the EU is located in Amsterdam, whilst Mizuho Securities Europe – its EU Securities hub – is based in Frankfurt. Following the new structure, Amsterdam will be a key hub for the Universal Bank, with subsequent branches in Frankfurt, Madrid and Paris.
Speaking in an announcement, Mizuho asserted that the business “will continue to deliver the exceptional levels of service that its clients have come to expect, with a fully integrated corporate and investment banking proposition for all its EU clients.
“Mizuho remains committed to the EU region and has full confidence in these structural changes which have clients’ needs at the core.”
Earlier this year, Mizuho entered a definitive agreement to acquire Greenhill & Co. in an all-cash transaction, with the move slated to help accelerate Mizuho’s investment banking growth strategy.