Mizuho Financial Group Inc., Japan’s third-biggest banking group by market value, selected Fujitsu Ltd., Hitachi Ltd. and two other companies to develop a new computer system for the lender’s national operations.
The bank plans to introduce the system by March 2016, Tokyo-based spokeswoman Masako Shiono said by telephone today, adding International Business Machines Corp. and NTT Data Corp. are also part of the development team.
The network will replace a system set up after Mizuho was created in 2000 through a merger of three banks. Mizuho plans to combine its corporate and retail lending units by July 1 to cut costs and boost profitability.
Development may exceed 400 billion yen ($4.9 billion), Nikkei Computer magazine reported earlier today without citing anyone. Shiono declined to comment on costs.
Mizuho last year experienced system outages four days after a record earthquake and tsunami in northeastern Japan. The computer failure delayed about $10 billion of transactions.