January 17, 2014
Company Name: Mizuho Financial Group, Inc.
Representative: Yasuhiro Sato, Group CEO
Address: 1–5–5, Otemachi, Chiyoda–ku, Tokyo
Security Code: 8411 (Tokyo Stock Exchange 1st Section)
Company Name: Mizuho Bank, Ltd.
Representative: Yasuhiro Sato, President & CEO
Address: 1–3–3, Marunouchi, Chiyoda–ku, Tokyo
Submission of Business Improvement Plan
Mizuho Financial Group, Inc. (MHFG; Yasuhiro Sato, President and CEO;) and Mizuho Bank, Ltd. (MHBK; Yasuhiro Sato, President and CEO) today submitted a business improvement plan to the Japanese Financial Services Agency based on the business improvement order (No. 2784) that we received on December 26, 2013.
MHFG and MHBK would like to take this opportunity to express our most sincere apologies to our valued customers, shareholders and other stakeholders for the inconvenience and concern that we have caused in relation to this business improvement order.
The business improvement plan submitted today takes into consideration the business improvement plan already submitted on October 28, 2013 based on business improvement order (No. 2094) dated September 27, 2013, including subsequent progress, amendments based on the current administrative order and additional countermeasures.
We intend to regain trust from our customers, shareholders and the wider society by thoroughly implementing this business improvement plan. We will also enhance our framework to eliminate anti–social elements and fulfill our responsibility to society.
As we have announced previously, MHFG is considering establishing a strong governance system and strengthening our crisis management capabilities toward further enhancement of group governance. We will create an advanced management framework, which will lead to the growth of Mizuho through our contribution to customers, the economy and society.
Please refer to the attachment (PDF/61KB) for an overview of the business improvement plan and our handling of persons involved in this incident.