Japanese leading bank, Mizuho Bank announced that the bank received official notification from the financial authority in the United Mexican States, Comisión Nacional Bancaria yde Valores ("CNBV"), for approval to establish a full service banking institution as a fully-owned subsidiary of Mizuho group. Accordingly, Mizuho will move forward to launching a banking subsidiary in fiscal year 2016.
As the bank signed a memorandum of understanding for business cooperation with Estado de Jalisco of the United Mexican States last month to support Japanese companies’ business expansion into the State of Jalisco, the bank expects more and more Japanese companies in a wide range of sectors particularly automotive industry related areas will establish and expand business operation in Mexico with the second largest population in Latin America and abundant oil resources.
Mizuho Bank currently provides financial services primarily in foreign currencies to customers through their local representative office in Mexico. By obtaining the approval, the new banking subsidiary in Mexico will allow the bank to offer a full array of financial services such as deposits, loans and exchange transactions in Mexican peso and foreign currencies.
(Source: Mizuho Bank)
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