The consolidation of The Dai-Ichi Kangyo Bank, Limited, The Industrial Bank of Japan, Limited and The Fuji Bank, Limited has created the world’s largest bank with total financial assets of approximately US$1.5 trillion. The purpose of the consolidation was to create, through the combination of three major money-centre banks, an influential and highly competitive player in the global financial industry and one of the top global financial leaders. The three banks jointly established a bank holding company, Mizuho Holdings, Inc., through the stock-for-stock exchange method (Kabushiki-Iten) on September 29, 2000, and formed the Mizuho Financial Group (MHFG). As the parent of the consolidated organization, Mizuho Holdings, Inc. is designed to carry out the management and administration of MHFG as a whole.
The creation of the Mizuho Bank (Canada) is the Canadian component of the global consolidation of the three banks. This new Schedule II bank is a result of the merger by way of amalgamation of the Dai-Ichi Kangyo Bank (Canada) and The Industrial Bank of Japan (Canada). Representing the Canadian arm of the world-wide network of the MHFG, Mizuho Bank (Canada) will act as the originator of global relationships and is positioned to assist Canadian corporations to develop international markets.
McCarthy Tétrault acted for the Dai-Ichi Kangyo Bank (Canada), represented by Al Peters and Oliver Jaakkola. Blake, Cassels & Graydon LLP acted for The Industrial Bank of Japan (Canada), with a team comprised of John Teolis and Patricia Elia (regulatory), Greg Frenette and Anna MacMillan (corporate), and David Fruitman (competition).