Japan’s financial regulator plans to inspect the nation’s three largest lenders, widening a probe into credit given to gangsters to include Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
Mizuho Financial Group Inc.’s President Yasuhiro Sato will give up six months of pay for failing to stop loans made to criminal groups as Japan’s third- biggest bank awaits further penalties from regulators.
Mizuho Financial Group Inc. cut pay for President Yasuhiro Sato and said the chairman of its lending unit will step down after Japan’s third-biggest bank by market value failed to address loans made to crime groups.
Mitsubishi UFJ Financial Group Inc. , Japan’s biggest publicly traded bank, targeted a 2.9 percent profit increase this year after a recovery at its consumer lending unit and the slated conversion of Morgan Stanley shares.
Nomura Holdings Inc. and Daiwa Securities Group Inc. fell the most this year in Tokyo trading as slumping Japanese stocks and a stronger yen clouded the outlook for business even after they posted better earnings.
Daiwa Securities Group Inc. won the mandate to lead Japan’s biggest share sale this year, benefiting from an insider-trading scandal that prompted regulators to punish larger rival Nomura Holdings Inc.
Mitsubishi UFJ Financial Group Inc. , Japan’s biggest publicly traded bank, said profit more than doubled and announced plans to buy project-finance assets from Royal Bank of Scotland Group Plc valued at about 3.8 billion pounds ($6.1 billion).