RIYADH: A major Japanese financial and banking giant, Mizuho Financial Group Inc., announced the establishment of a major securities subsidiary and opened its doors to customers in Riyadh on Monday.
“The local subsidiary, Mizuho Saudi Arabia Company, with Mizuho Securities Group contributing 70 percent and Mizuho Corporate Bank contributing 30 percent of the capital, started doing business today,” said Yasuhiro Sato, chief executive officer of Mizuho Corporate Bank, a unit of the Mizuho Financial Group. He was speaking on the occasion of the opening of the Saudi unit.
“An inaugural ceremony has been scheduled for February next year,” said a Japanese diplomat.
Mizuho Saudi Arabia (MSAR), licensed by Capital Market Authority, will provide a wide range of services, including Japanese equity and bond brokerage, fund marketing, wealth and asset management, structured product arrangement, IPO and private placement administration, as well as advisory services for firms looking to do business in the region.
“MSAR equips Mizuho securities with the infrastructure to provide advisory services to Japanese companies looking to expand into Saudi market through investment or strategic alliances with local entities, top-tier asset management advice to Saudi investors, and optimal regional business development and asset management support to all our customers,” said a press statement. “Some 80 Japanese companies have established a presence in the Kingdom, offering opportunities for business,” the statement adds. Mizuho has joined Nomura Holdings Inc., Japan’s biggest brokerage, in starting investment-banking operations in Saudi Arabia.