Mizuho president Tsukamoto to step down after ATM problem

By @ibtimes on

Japan's Mizuho Financial Group <8411.T> said on Monday its president, Takashi Tsukamoto, would step down and be replaced by the head of its corporate banking unit, Yasuhiro Sato.

Tsukamoto will become head of Mizuho's retail banking unit, while the unit's current chief, Satoru Nishibori, will step down.

The bank was hit by a computer systems breakdown in March that shut ATMs and the Nikkei business daily reported last week that Japan's Financial Services Agency would issue business improvement orders to Mizuho Financial Group and Mizuho Bank, pressing them to hold management accountable for the breakdown.

Mizuho also said on Monday that it would consider merging units in the future.

Two sources with knowledge of the matter told Reuters last week that the group was planning to merge its retail banking unit Mizuho Bank and corporate banking unit Mizuho Corporate Bank.

(Reporting by Taiga Uranaka; Writing by Edmund Klamann)

Join the Discussion