NHK



 

Mizuho Financial Group has submitted a business-improvement plan to Japan's financial regulator, aiming to prevent a recurrence of its bank unit's system failures last year.

The plan, handed over to the Financial Services Agency on Monday, includes measures to secure personnel for system development and to improve corporate culture.

Mizuho Bank experienced system problems eight times last year over an eight-month period through September. These included customer bank cards and account passbooks getting stuck inside ATMs.

The business-improvement plan says Mizuho will secure personnel needed to ensure stable operations in line with the work volumes of its system development and maintenance.

It will also create a new framework to reflect feedback from employees to allow greater flexibility in staff and budget allocation.

Mizuho's plan says the group will add outside experts as board members, to enhance supervisory functions.

The company also announced Mizuho Bank executive Kihara Masahiro will become the group's president and chief executive officer on February 1.

Kihara will replace Sakai Tatsufumi, who will step down to take responsibility for the system failures.