Mizuho Financial Group, Japan’s third-largest bank by market value, might seek to buy investment advisory firms in Asia with BlackRock.
Mizuho, which bought a stake in the money manager last year, is studying ways to deepen ties with BlackRock to aid a strategy of investing Japanese pension money in faster-growing Asian economies, Yasuhiro Sato, president of Mizuho Corporate Bank Ltd., said in an interview.
The bank aims to leverage its 2% stake in BlackRock to compete with larger rival Sumitomo Mitsui Financial Group.
“The stake in BlackRock alone wouldn’t be enough to manage a substantial amount of money in Asia,” Mr. Sato said on Feb. 8. “Acquisitions of management firms in the region will be the next step.”
He didn’t specify how an acquisition made together with BlackRock would be structured.