Mizuho sees whopping US$16.5b loss for 2003

  • Business Premium
  • Wednesday, 22 Jan 2003

TOKYO: Japanese megabank Mizuho Holdings Inc is expecting a net loss of US$16.5bil for the year to March – the biggest corporate loss ever in Japan -- as it dumps more bad loans, the latest example of a bank moving to clean up its balance sheet under pressure from the government. 

To repair its financial health, Mizuho said it would seek a capital boost of around 1 trillion yen (US$8.5bil) – the biggest such increase ever by a Japanese bank – mostly by issuing preferred shares to domestic and foreign entities. 

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