Mizuho boss bows in apology after crime-group debacle

Tokyo

Mizuho Financial Group’s banking unit set up an internal committee and will assemble a panel of outside experts to improve compliance after it failed to act on loans made to crime groups.

Bloomberg New reports that Deputy President Toshitsugu Okabe told reporters of the measures after bowing in apology at a news conference in Tokyo Friday.

It was the first briefing by the bank since the Financial Services Agency ordered the lending unit to improve business a week ago.

Mizuho Bank Ltd. failed to take steps to end loans to 'anti-social' groups for more than two years after becoming aware of them, the FSA said Sept. 27. Okabe said Friday that at least four senior executives responsible for compliance at the time knew of the transactions and didn’t inform superiors.

Hit the link below to access the complete Bloomberg article:

Mizuho Takes Steps to Improve Compliance After Crime-Group Loans

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