Mizuho Financial Group Inc., Japan's second-largest bank by revenue, said it may consider buying Citigroup Inc.'s local brokerage and asset-management units.
"I think it's worth considering," said Yasuhiro Sato, 56, who will be promoted to chief executive officer of Mizuho's corporate banking unit on April 1. The Nikko Cordial brokerage has a strong distribution network, and Nikko Asset Management Co. is highly coveted and likely to attract many bidders, he said.
Acquiring the units would help Mizuho tap more of the almost ¥1.5 quadrillion in Japanese household assets, Sato said in an interview Tuesday in Tokyo. Citigroup, which was forced to accept $45 billion in U.S. government rescue funds, said Jan. 16 that the Japanese units are among assets it may sell.