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Japan’s Mizuho eyes delay of banking arm’s leadership change after glitches


This photo shows Mizuho Bank ATMs in Tokyo’s Chiyoda Ward on May 10, 2019. (Mainichi/Kenji Yoneda)

TOKYO (Kyodo) — Mizuho Financial Group Inc. plans to delay replacing the head of its banking arm following a series of system failures, a source with knowledge of the matter said Monday.

The replacement of Mizuho Bank President Koji Fujiwara was initially planned to take effect on April 1. It is rare for a major Japanese company to postpone a leadership change after an official announcement has been made.

A potential change in Mizuho’s schedule seems to reflect the Japanese megabank’s desire to focus on efforts to formulate preventive steps after it suffered its fourth system failure in two weeks on Friday.

The latest glitch affected foreign currency-denominated and overseas remittances for corporate customers in Japan, due to hardware trouble that occurred Thursday at its data center.

On Feb. 28, Mizuho suffered a much bigger problem that affected over 4,300 automated teller machines nationwide, while more than 5,000 bank cards and books were stuck inside the devices and not returned to their owners.

Before that trouble, the financial group announced that Fujiwara will be replaced by Masahiko Kato, a managing executive officer of the lender, from the new fiscal year starting in April. Fujiwara was slated to become the bank’s chairman.



Read More: Japan’s Mizuho eyes delay of banking arm’s leadership change after glitches

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