Mizuho Chairman to Leave in Fresh Crime-Group Loan Penalties
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Takashi Tsukamoto will step down as chairman of Mizuho Financial Group Inc. after regulators ordered a second round of penalties at Japan’s third-largest bank for making loans to criminal groups.
Tsukamoto, 63, will leave at the end of March, while President Yasuhiro Sato had his period of work without pay extended to one year from six months, Tokyo-based Mizuho said in a statement after receiving a second round of penalties from the Financial Services Agency yesterday. The watchdog ordered the parent company and its Mizuho Bank Ltd. lending unit to strengthen governance and submit improvement plans by Jan. 17.