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Integrated Report 2020 Integrated Report Mizuho Financial Group | Integrated Report Integrated 2020 Integrated report 2020 Annual Review April 2019 – March 2020 Mizuho Financial Group At Mizuho we are swiftly addressing structural changes in society, the economy, and industries, and are earnestly confronting the new challenges that our customers and society will face in a post-COVID-19 world. By providing support as a united group, we will forge new forms of partnerships with our customers as we aim to transition to the next generation of financial services. Declining birthrate and aging population Globalization Digitalization 1 Mizuho Financial Group 090_7080587912009.indd 1 2020/09/10 10:38:29 Declining birthrate and aging population Globalization Digitalization 2020 Integrated Report 2 090_7080587912009.indd010_7080587912009.indd 2 2020/09/10 10:38:3016:19:41 COVID-19 related initiatives For our customers Establishment of the Mizuho Establishment of the Mizuho Post- COVID-19 Support Fund COVID-19 Assist Fund (Business Established in response to new demand Succession) for short-term working capital due to the Established to support the smooth succession of mounting economic damage and impact businesses to the next generation of owners in of the COVID-19 pandemic. the post-COVID-19 era. ¥1 trillion ¥10 billion (total including fund No. 1 and No. 2) Launch of the Post-COVID-19 Establishment of the Mizuho Support Project Post-COVID-19 Assist Fund (Growth Strategy) Supporting initiatives for new ways of life for corporate and retail customers in the post- Established in response to the long-term COVID-19 era. financing needs of middle-market and - Providing support for participating merchants to SME clients for business portfolio transition to cashless check-out and improve restructuring and investing in growth, to efficiency using the “STORES Terminal for Mizuho” be utilized for large-scale capital payment service. - Participating together—Project supporting new investments and other purposes. lifestyles via financial services ¥200 billion Mizuho office initiatives Capital support through International quasi-equity financing and - We have made arrangements for employees to intermediary services utilize remote technology according to the In addition to providing clients with situation in each country, enabling us to mezzanine financing and quasi-equity maintain and continue the stable provision of loans, expand new financial intermediary financial services, and to respond to clients’ services in capital markets including financing and settlement needs. private capital. Japan Over ¥100 billion - Creation of an operations framework to support the smooth payment of government payouts Increased the total amount for - Opened financing consultation windows at all Mizuho Bank branches Mizuho Life Science Fund No. 1 - Responding to urgent financing demand Increased the total amount of the fund - Flexible response to new loans, revising loan to address funding needs of companies conditions, etc. involved in the development of new medical technologies. ¥5 billion ¥10 billion 3 Mizuho Financial Group 010_7080587912009.indd 3 2020/09/10 16:19:42 For people’s lifestyles & society Establishment of the J-Coin Launch of a project Fund supporting new lifestyles Combining a ¥500 million contribution via financial services from Mizuho with donations from a wide For each customer to use certain range of donors including regional financial applicable services and apply for this institutions involved with J-Coin and J-Coin project, Mizuho Bank will donate ¥55 users, we established the J-Coin Fund as to organizations working to support a framework to provide far-reaching new lifestyles. support to those that need it. Mizuho Private Placement International Bond Fund responding to COVID-19 Contributing to institutions and organizations outside of Japan to We donate ¥200,000 to medical-related support their efforts, including those to institutions for each private placement halt the spread of COVID-19. bond issuance, up to a maximum total of ¥40 million. 2020 Integrated Report 4 010_7080587912009.indd 4 2020/09/10 16:19:42 Message from the Group CEO Introduction customers and the economy, even when a state of emergency or other such response has been put in place by the local authorities. We are also attentively listening to the First of all, allow me to express my heartfelt sympathies for all needs of corporate clients and individual customers requiring of those who have contracted COVID-19 and the many people funding assistance, and are making every effort to meet these who have been impacted in various ways by the spread of the needs, including providing new loans and changing the virus. conditions of existing loans. Although the situation is still uncertain and we cannot let down our guard, we will continue This crisis has caused major disruption to the economy and to work together as a united group to ensure that we can financial markets and has significantly impacted people’s daily provide essential financial functions in times such as these lives and work styles. At Mizuho, the health and safety of our going forward. customers and employees is our top priority, and we are utilizing split operations, remote work, and other Additionally, we have established the J-Coin Fund and in arrangements based on the situation in each region. This has addition to making an initial donation to the fund we are enabled us to continue to stably provide financial services, soliciting donations from a range of sources and offering to such as settlements and lending, which are essential for our make an additional donation based on our clients’ total issue 5 Mizuho Financial Group 011_7080587912009.indd 5 2020/09/10 13:15:55 Message from the Group CEO Becoming even stronger as we look ahead to a post-COVID-19 world Due to the novel coronavirus (COVID-19) pandemic, I would like to take this opportunity to share Mizuho’s we are faced with an unprecedented crisis with severe strategy for adapting to a world impacted by COVID-19 impacts on the real economy. Also, as we battle this and the world as it will be after the pandemic ends. It virus, society as a whole is changing significantly to is not that we cannot return to how things were adjust to a post-COVID-19 world, including the way we before COVID-19, but rather that we choose not to. live our lives and the way we do business. COVID-19 can be a catalyst to transform us into a stronger organization. In this unprecedented crisis, we are committed to making decisive forward progress. Tatsufumi Sakai Member of the Board of Directors President & Group CEO Mizuho Financial Group, Inc. amount of privately placed bonds. This is just one way that we when the virus will be contained, and other factors. According are working to support people’s lifestyles and society as a to the IMF’s most recent World Economic Outlook (June 2020 whole, including health care workers and affected families and edition), global growth is projected at -4.9% in 2020. This is students. significantly lower than the last time that growth was negative, which was -0.1% growth in 2009. From this we can perceive the extent to which this crisis is unusual and unprecedented. A world impacted by COVID-19 Of course, the economic crisis will be contained at some point, but development of a vaccine is still in the early stages, Currently, countries around the world are facing a truly and with concerns present regarding the risk of a second and unprecedented crisis with the COVID-19 pandemic and its third wave of infections, it has been posited that containment impacts such as a sudden drop in demand and severe may take a significant amount of time. We must be aware of deterioration to the real economy affecting economic growth the potential for growth in the real economy to remain and employment. Over half a year has passed since infections sluggish over the long term and for the accompanying impacts with this unknown virus were first discovered, yet it is still to be prolonged. difficult to accurately predict the scope and severity of impact, 2020 Integrated Report 6 011_7080587912009.indd 6 2020/09/10 13:15:55 Message from the Group CEO How is this different from the global financial crisis? soundness, and made other efforts based on the lessons In September 2008, Lehman Brothers filed for bankruptcy learned from the previous crisis and in response to the tighter with $613 billion in total debt, a record in the US. The financial regulations introduced afterward. As a result, financial crisis that followed with its far-reaching impacts on economies institutions are prepared to continue providing financing even and societies around the world was said at the time to be a in the event of a crisis. “once in a hundred years” event. Although it is unavoidable that the current economic crisis will inflict more damage than At Mizuho as well, our overall credit portfolio is significantly the global financial crisis, this time it is different for financial more sound compared to the time of the previous crisis. In institutions. The reason is that during this crisis our financial structured products, where we recorded a large loss at the functions are operating as normal due to the following three time, we have greatly improved the quality of our portfolio as points. a result of revising our policy and strengthening our risk framework. For example, around 80% of our real estate- Firstly, the current crisis is not financial in origin. At the start related and commodity-related credit is equivalent to of the global financial crisis, with the emergence of the investment grade. Also, outside of Japan 80% of our portfolio subprime mortgage crisis, financial institutions were initially is investment grade as a result of promoting our Global 300 impacted and the reduction of their ability to provide financing strategy focused on blue-chip companies.
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