Mizuho Financial Group is assessing opportunities to expand its investment banking operations in India, with the intention to apply its experience in corporate advisory and finance from other regions, reported Bloomberg citing a top executive.  

Mizuho deputy president Suneel Bakhshi confirmed this in an interview in Tokyo, Japan. 

He was quoted by the news agency as saying: “The approach in India should and will mirror what we want to do globally, which is on the wholesale side rather than commercial,” referring to serving corporate and institutional clients.  

“We need to be focused.” 

The Japanese bank has engaged in discussions about acquiring a controlling interest in Avendus Capital, an Indian investment bank, although these negotiations have paused, according to Bloomberg.  

Bakhshi did not provide comments on individual transactions, reported Bloomberg. 

He added: “I find tremendous interest in India from other geographies, such as the Middle East.”  

Mizuho has concentrated on investment banking beyond Japan, particularly in the US market, where it has become a notable participant in bond and equity underwriting. 

The 2023 acquisition of Greenhill & Co was part of this broader aim.  

Mizuho has set a target to become the leading investment bank in Asia within five years, the news publication added. 

Commenting on the Greenhill deal, Bakhshi said: “It is helping us with cross-border M&A mandates.”  

Bakhshi, who took up his new role as Mizuho deputy president in April, has 30 years’ experience including work at Citigroup where he led the Japanese investment banking unit during the early 2010s.  

At Mizuho, he is responsible for advancing cross-regional cooperation across business areas.  

Currently, nearly 40% of Mizuho’s gross profit is attributed to its global corporate and investment banking division, the report said. 

Bakhshi commented: “We want to pivot from being a Japanese bank with international operations to becoming a truly global bank.” 

To support these ambitions, last month Thomas Hartnett was appointed as head of fixed income activities spanning the Americas, Europe, Middle East and Africa.  

Hartnett previously held responsibility for fixed income in the Americas alone. 

Bakhshi noted that developing skilled personnel is important for furthering Mizuho’s international goals.  

He added: “The opportunity going forward is to increase the number of non-Japanese staff who are working and living outside their mother country.”