Mizuho Financial Group Applies for Securities Company in China

The move comes as part of the bank's strategy to tap into China's lucrative capital markets, following Beijing's 2019 decision to allow wholly-owned foreign securities companies.

• Mizuho Financial Group, Japan's third-largest banking group, has applied to establish a securities company in China.
• The move is part of Mizuho's strategy to tap into China's capital markets fee pool, which is the largest after the United States and Europe.
• Mizuho's application follows Beijing's decision in 2019 to allow wholly-owned foreign securities companies to operate in China.
• Citigroup and Standard Chartered are also in the process of setting up securities units in China.
• Mizuho's larger Japanese rival, Sumitomo Mitsui Financial Group, had previously applied to launch a securities unit in China in 2021, but withdrew the application due to a market manipulation scandal.

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