Japan’s third largest bank Mizuho is looking to almost double its wealth management client base in the country, targeting cash-poor entrepreneurs and their holistic needs.
Mizuho is targeting to have 1,000 families on board as wealth management clients one year from now, according to a «Bloomberg» report citing Masayuki Sakai the general manager of the strategic team focused on the business.
This would mark a nearly two-fold increase from the current 600 wealth management clients.
«One Bank»
Similar to other global banks, Mizuho is targeting new wealth with financing needs beyond their startups with solutions such as share-backed loans.
In turn, serving the private banking transactions of business owners can often lead to business with corporations they have connections with, Sakai added.
«There are many who don’t even own their homes. We would like to respond to their funding needs in a timely manner,» he said.
Wealth Advisors
The wealth management strategic team, headed by Sakai, was set up in April 2020 and created a group of private bankers called wealth advisors that target the ultra-rich – 90 percent of its wealth management profits are from business owners whose families have more than 3 billion yen ($25 million) in assets.
The team currently houses 30 wealth advisors.
