Following an illicit loan scandal, Mizuho Bank will replace Yasuhiro Sato as president and CEO with Deputy President Nobuhide Hayashi, Mizuho Financial Group Inc., the holding company of the Mizuho Bank group, said Jan. 23.
Sato will be demoted to a director of the bank April 1 but will retain his post as president of the holding company.
Mizuho Financial Group and Mizuho Bank submitted its second business improvement plan Jan. 17 to the Financial Services Agency based on the business improvement order the financial watchdog issued to them Dec. 26.
The FSA also ordered Mizuho Bank to suspend part of its business operations over the scandal involving loans to gangsters via its consumer credit affiliate Orient Corp. The bank was banned from extending such tie-up loans from Jan. 20 to Feb. 19.
Mizuho Financial Group said Dec. 26 its Chairman Takashi Tsukamoto will resign March 31.
The FSA originally ordered Mizuho Bank to improve its business operations in late September after it was discovered that 230 loans totaling 200 million yen ($1.93 million) were extended to gangsters through Orient.
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