Mizuho Vies With Nomura to Manage Money for Japan’s Millionaires

Mizuho Financial Group Inc. is seeking to strengthen its wealth management business and take on industry leader Nomura Holdings Inc. as well-to-do Japanese invest more of their savings.

Through its brokerage unit, Japan’s third-largest bank is targeting individuals with assets exceeding ¥500 million ($3.4 million), Mizuho Securities Co. President Yoshiro Hamamoto said in an interview. Over the next few years, the company will reassign sales staff and dispatch more employees to branches to provide face-to-face services for these high-net-worth customers, he said.