Mizuho seeks aggressive India expansion

MIZUHO FINANCIAL GROUP is exploring ways to build up its business in India, where the Japanese bank sees the potential for replicating its achievements of advising and financing corporate clients in other markets, according to a top executive.

- TAIGA URANAKA & HIDEKI SUZUKI

“India is a growth opportunity in the medium term,” Suneel Bakhshi, deputy president at Japan’s third-largest lender, said in an interview in Tokyo.

Japanese banks are aggressively expanding in India after spending more than a decade boosting operations in Southeast Asia. While rivals such as Sumitomo Mitsui Financial Group, which bought a large stake in Yes Bank, are seeking to tap the vast consumer market, Bakhshi said Mizuho puts a priority on corporate and investment banking.

“The approach in India should and will mirror what we want to do globally, which is on the wholesale side rather than commercial,” he said, referring to serving corporate and institutional clients. “We need to be focused.”