Japanese banking giant Mizuho is preparing to strengthen its Singapore workforce as it positions itself for the next phase of growth across Asia, as per multiple reports.
The bank plans to boost capabilities in selected business areas to meet rising client demand, according to Asia-Pacific chief executive Koichi Zaiki.
Although no specific hiring target has been set, Mizuho has increased its Singapore headcount by 30% over the past three years to around 1,200 employees, including staff at its Mizuho Securities arm.
Future recruitment is expected to be more targeted, focusing on sector coverage, loan syndication, advisory services and global markets.
Regional powerhouse
Singapore remains central to Mizuho's regional ambitions.
The city-state serves as the bank's Asia-Pacific headquarters, supporting operations across 14 markets.
The Republic is “an important foreign exchange trading centre and commodities trading centre”, said Zaiki. “We also have our regional IT hub here, where we’re investing in a data centre.”
He added: “We’re really concentrating everything here and supporting the 14 markets both on business and governance.”
Mizuho's Singapore operations account for roughly a fifth of its Asia loan book outside Japan. Outstanding loans in the country stood at around 1.5 trillion yen (S$12 billion) as of 31 March, making it one of the lender's largest regional markets.
Thailand, India and Hong Kong also remain key lending destinations.
Profit surge
The expansion plans come as Mizuho reports strong financial momentum.
For the fiscal year ended 31 March, the bank posted a 41% increase in profit attributable to owners, reaching 1.2 trillion yen compared with 885.4 billion yen a year earlier.
India leads
Among Japanese companies seeking overseas growth opportunities, India has emerged as the most attractive investment destination.
Zaiki said the country's population of 1.4 billion people, vast consumer market and long-standing relationship with Japan continue to attract investors.
“These lists have ups and downs,” he said. “India is on top of the list now, and Vietnam follows as a supply chain investment destination.”
Mizuho executives see growing opportunities across several sectors in India.
Investor interest
According to Joris Dierckx, Mizuho's head of Asia-Pacific banking, renewable energy is attracting significant attention from investors, particularly solar power projects.
India's technology sector, including fintech and insurance technology firms, is also drawing capital, alongside healthcare.
“There are other sectors, of course, but I think those three stand out as particularly investable and attract a lot of capital,” said Dierckx.
Vietnam remains another market of interest for Japanese investors.
Zaiki pointed to the country's strong infrastructure and young workforce as major attractions despite elevated US tariffs.
China capital flows
Mizuho is also targeting a growing opportunity beyond its traditional Japanese client base.
The lender is looking to capture investment flows from Chinese companies expanding across Asia and South-east Asia.
“That’s one major area that we’re pursuing. We already serve many of these clients in their home market, and we believe we can support them even more as they invest overseas.”
Energy concerns
At the same time, Mizuho is closely monitoring developments in the Middle East.
The bank sees energy markets, including power generation and oil and gas, as particularly exposed to prolonged geopolitical tensions.
For Zaiki, the biggest concern is not only rising energy prices but also potential supply disruptions.
“The pandemic hit like a cliff,” he said, describing the current situation as a more gradual and evolving challenge.
“Whether the conflict is settled by summer or not could be one important reference point for us in evaluating the overall situation.”
Supply chain shift
Businesses are responding to the uncertainty in different ways.
Some companies, particularly those linked to the energy sector, remain focused on managing immediate disruptions. Others are delaying investments and conserving cash until the outlook becomes clearer.
The situation has further highlighted the importance of supply chain diversification.
“Many companies are already doing it, but they may think about it even more once the current Middle East situation settles.”
For Mizuho, that could create fresh opportunities to support clients through debt and equity financing as companies expand into new markets and redesign their supply chains.
“When this settles, people will go back to enhancing corporate value,” he said.
“At the same time, they’ll be thinking about how to be better prepared for the next crisis. In both areas, we believe we can contribute.”
As companies reassess supply chains, investment strategies and risk management plans, Mizuho expects demand for financing and advisory services to remain strong across Asia's key growth markets.