Mizuho Financial Group, Inc. (Yasuhiro Sato, President and Group CEO) today signed a strategic business alliance agreement with CITIC Group Corporation (Chang Zhenming, Board Chairman), a major state–owned conglomerate in the People's Republic of China.
Taking the effective overseas listing of the CITIC group as an opportunity, this agreement aims to further strengthen cooperation between both parties as strategic partners across functions including banking, trust banking, and securities on a group basis. Each company within the two groups will aim to develop overseas business including businesses in Japan and China and strengthen support for our respective customers as they enter and expand their businesses in overseas markets.
Specifically, we will proceed with strengthening of cooperation in mainly the following fields:
- Banking businesses such as markets–related transactions and transaction banking including cross–border trade settlements, CNY–denominated settlements, and cash management, mainly in Japan and China.
- Securities businesses such as equity and fixed income transactions in Asian markets including Japan and China, and cross–border M&A deals including those between Japan and China.
- Trust banking businesses in relation to cross–border investment into both Japan and China such as custody business, asset management business, and real estate investment.
Mizuho will use this strategic business alliance agreement to strengthen access to markets in China and other parts of Asia to meet the increasingly diverse needs of our customers.
[Reference: CITIC Group Corporation]
CITIC Group Corporation was founded in October 1979 as a 100% government–owned company. It was established as a window to the external world for the Chinese Government, and it is a representative example of a conglomerate in China. With its headquarters located in Beijing, CITIC Group Corporation operates a wide range of businesses in both financial services, such as banking, securities, trust banking, insurance, and mutual funds business, and also various industrial fields, including real estate, engineering contracting, civil infrastructure, energy and resources, manufacturing, and IT. CITIC Group Corporation has been listed in the Global Top 500 Companies by Fortune Magazine for six consecutive years since 2009, and its latest ranking has risen to 160.