Mizuho Financial Group Inc. plans to almost double its number of wealth management clients. | BLOOMBERG

Mizuho targets cash-poor millionaires in wealth management push

Mizuho Financial Group Inc. prepares to practically double its wealth management clients by tapping newly-minted millionaires who are low on money and need finance beyond their startups.Japans third-largest bank intends to have 1,000 households on board with its wealth system by this time next year, up from 600 at present, stated Masayuki Sakai, general manager of the banks wealth management strategic project team. Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho itself have positioned the service as strategic in recent years, as ultra-low interest rates lessen revenues from traditional lending.Sakai said about 90% of earnings in its wealth management division is from service owners. It set up the wealth management tactical job group in April 2020 and developed a group of bankers called wealth consultants within its core banking unit in July last year.

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Mizuho Financial Group Inc. prepares to practically double its wealth management customers by tapping newly-minted millionaires who are low on cash and require financing beyond their startups.Japans third-largest bank intends to have 1,000 households on board with its wealth system by this time next year, up from 600 at present, said Masayuki Sakai, basic supervisor of the banks wealth management strategic task team. Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho itself have placed the business as strategic in recent years, as ultra-low interest rates lessen earnings from conventional lending.Sakai stated about 90% of profit in its wealth management department is from organization owners. It set up the wealth management strategic project team in April 2020 and created a group of lenders called wealth advisors within its core banking system in July last year.

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