]just solidified its ties to yet another big bank. Yesterday reports surfaced that Tokyo-based Mizuho Financial Group
was about to buy $500 million of BlackRock stock while creating some kind of partnership between the two firms (see The MFWire, 11/11/2010
), and today Mizuho confirmed
According to Mizuho's statement, the duo plan "to sign a business cooperation agreement." BlackRock chairman and CEO Larry Fink
praised Mizuho for its "deep understanding of the local markets in Japan and connectivity to investors throughout Asia." Mizuho president and CEO Takashi Tsukamoto
put the partnership into the context of Mizuho's "transformation program."
"The program seeks to enhance our distribution of retail funds, strengthen our pension business, improve risk management functions and promote innovative product development," Tsukamoto stated.
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