Mizuho Corporate Bank Ltd. (MHCB) reached an agreement with the German bank WestLB AG on June 19 to acquire its Brazilian corporate banking subsidiary, Banco WestLB do Brasil S.A.
Banco WestLB do Brasil S.A. is a midsize bank established in 1911 with total assets of approximately $1.5 billion (118.34 billion yen). It has 66 employees and focuses mainly on wholesale banking.
MHCB said the acquisition allows it to obtain a local banking platform that will further strengthen the company's capability to support the entrance and expansion of both Japanese and non-Japanese customers in Brazil. MHCB had been serving its customers in Brazil to date through its Sao Paulo office.
MHCB said it intends to use this acquisition to make further contributions to the development of the Brazilian economy through activities such as providing finance to local corporations in Brazil and engaging in various projects.
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