Mizuho Financial Group is evaluating opportunities to expand its investment banking operations in India, with the intention of applying its experience in corporate advisory and finance from other regions, Bloomberg reported citing a senior executive.
Mizuho vice president Suneel Bakhshi confirmed this in an interview in Tokyo, Japan.
The news agency quoted him as saying: “The focus on India should and will reflect what we want to do globally, which is wholesale and not commercial,” referring to serving corporate and institutional clients.
“We need to stay focused.”
The Japanese bank has entered into talks about acquiring a majority stake in Avendus Capital, an Indian investment bank, although these negotiations have stopped, according to Bloomberg.
Bakhshi did not comment on individual transactions, Bloomberg reported.
And he added: “I find enormous interest in India from other geographies, such as the Middle East.”
Mizuho has focused on investment banking beyond Japan, particularly in the US market, where it has become a notable player in bond and stock underwriting.
The acquisition of Greenhill & Co in 2023 was part of this broader goal.
Mizuho has set a goal of becoming Asia’s leading investment bank within five years, the news publication added.
Commenting on the Greenhill deal, Bakhshi said: “It is helping us with cross-border M&A mandates.”
Bakhshi, who took up his new role as Mizuho vice president in April, has 30 years of experience, including work at Citigroup, where he led the Japanese investment banking unit in the early 2010s.
At Mizuho, he is responsible for promoting interregional cooperation in all business areas.
Currently, almost 40% of Mizuho’s gross profit is attributed to its global corporate and investment banking division, according to the report.
Bakhshi commented: “We want to move from being a Japanese bank with international operations to becoming a truly global bank.”
To support these ambitions, last month Thomas Hartnett was appointed head of fixed income activities in the Americas, Europe, Middle East and Africa.
Hartnett was previously responsible for fixed income only in the Americas.
Bakhshi noted that developing skilled personnel is important to further Mizuho’s international goals.
He added: “The future opportunity is to increase the number of non-Japanese staff working and living outside their home country.”
“Mizuho looks to expand investment banking business in India: report” was originally created and published by Retail Banker International, a brand owned by GlobalData.