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... Japan's Mizuho mob-loan scandal, serious penalty unlikely
Reuters ^ | 10/27/2013 | Taiga Uranaka

Posted on 10/27/2013 11:07:09 PM PDT by TexGrill

TOKYO, Oct 28 (Reuters) - Mizuho Financial Group will try to put a loans-to-mobsters scandal behind it on Monday, but while Japan's second-biggest bank by assets may escape serious penalty it faces an uphill battle in catching up with its expanding peers.

A panel of lawyers, appointed by Mizuho, will report its findings on how the bank failed for more than two years to end the loans to "yakuza" gangsters after discovering the shady transactions.

Mizuho is then expected to announce its response to the scandal, which hit the bank just as it was seeking to improve its corporate governance and accelerate growth, especially in overseas markets.

Yasuhiro Sato will likely keep his job as president and CEO of the financial group and its core Mizuho Bank unit, people familiar with the matter told Reuters last week, allowing Sato to resume his drive to unify the fractious bank, bring its compliance under tighter control and establish the lender as "Asia's core bank". [ID: nL3N0IF04V]

Mizuho will likely suspend Sato's pay for some period, while Takashi Tsukamoto is expected to step down as Mizuho Bank chairman, the sources said.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Chit/Chat; Society; Travel
KEYWORDS: japaneconomy
Global business tip
1 posted on 10/27/2013 11:07:09 PM PDT by TexGrill
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