The Mizuho Financial Group said Tuesday its fiscal 2002 losses will hit 1.9 trillion yen, a nine-fold jump from estimates issued in November, after its two banks swallow more than 2 trillion yen in loan-loss provisions.
To cover these losses, Mizuho said it will seek to raise 1 trillion yen from close business partners and overseas investors, the largest single fundraising drive by any Japanese company.
The move by the world's largest banking group by assets comes ahead of special inspections by financial regulators scheduled to begin in February.
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