Mizuho of Japan opens regional office at DIFCPress Release20 Jun 2007 04:44 pm
Mizuho Corporate Bank Ltd. (Mizuho), a member of the Mizuho Financial Group of Japan, announced today that it has commenced its operation in the Dubai International Financial Centre (DIFC) as of 20 June, having been granted a license by the Dubai Financial Services Authority (DFSA) to operate as an authorised firm. From its office in the DIFC, Mizuho will serve the governments, financial institutions, project sponsors, corporations and investors that comprise its regional client base.
Mizuho provides optimal solutions to the increasingly diverse and sophisticated needs of customers in the areas of finance and business strategy, focusing its efforts on serving major corporations, including listed firms; financial institutions and their group companies; public-sector entities; and overseas corporations, including subsidiaries of Japanese corporations.
Currently, Mizuho has representative offices in Bahrain and Iran, and has also been providing financial services to its customers in the region through Mizuho’s London Branch. For Japanese clients, it has provided services through the Mizuho Desk at Mashreqbank. The opening of the DIFC branch will allow Mizuho to further expand its activities in this vital and fast-growing region.
Nasser Al Shaali, Chief Executive Officer of the DIFC Authority, said: “We are extremely pleased to welcome Mizuho to the rapidly growing DIFC family, which is now home to more than 400 member companies. As one of Japan’s leading financial services providers, with an established presence in the region, we are confident that the opening of their new office here at the DIFC will enable Mizuho to move from strength to strength.”
Yukio Otaka, Regional Head for the Middle East of Mizuho, said: “The opening of our new office at the DIFC represents an important step in our strategy to globalise our business, especially in this region. We have been attracted to the DIFC by the rapid economic growth of the UAE, and particularly that of Dubai, with its increasing importance in the region as a centre for the Middle Eastern economy. We look forward to developing our business from Dubai and the DIFC.”
The newly established regional office will provide various financial services, including corporate finance, project finance and trade finance. In addition, the DIFC office will act as an entry point for clients to access Mizuho Financial Group Companies, including securities and asset management firms.