Japan's MHCB to add 4 branches in China

Japan's Mizuho Corporate Bank (MHCB) plans to set up branches in four new cities on the Chinese mainland, including Qingdao, Guangzhou and Wuhan this year, and Suzhou next year, in a bid to further tap the country's soaring corporate banking market, according to sources with the bank.

The Mizuho Corporate Bank (China) Ltd, headquartered in Shanghai, was established in June last year. It already has five branches in China, namely, in Beijing, Shengzhen, Dalian, Wuxi and Tianjin.

In addition to its focus on corporate banking, MHCB (China) plans to launch RMB corporate bonds to raise funds for its expansion, as it has inadequate deposit volume to support its expansion of the lending business, according to the head of MHCB's international banking unit, Hidetake Nakanura.

MHCB China targets to further enlarge its corporate business on the mainland by developing consortium loans and other new financial products. According to the bank, Asia occupies 45% of its oversees business, and China accounts for 30% of its Asian business.