Mizuho hunts for assets in the USA

Japan's second-largest bank intends to acquire a US commercial bank in the next three years,

Mizuho Financial Group, Inc. President Yasuhiro Sato said his company has to take a fresh look at the United States, whose economy it expects will become very strong in next five years.

Mizuho also wants to include an Asian investment bank, especially a bond market player, in its new acquisitions.

It is also streamlining its overall operations and is cutting costs by mergers among its subsidiaries. Mizuho has said the merger and other group reorganization will cut costs by US$319.8 million and boost revenue by US$65 million over a three-year period.