Mizuho to finance Japanese investments in Turkey

Mizuho Corporate Bank and Akbank signed a cooperation agreement to finance mergers and acquisitions between both countries.

The corporate banking subsidiary of Mizuho Financial Group has signed an agreement with a major Turkish bank that will allow it to invest in massive Turkish infrastructure projects.

Mizuho Corporate Bank and Akbank, a major Turkish investment bank based in Istanbul, have signed a cooperation agreement for joint projects and to finance mergers and acquisitions between both countries.

The two banks will provide commercial and investment banking services to Japanese companies operating and investing in Turkey. These services include money transfers in Turkish Liras and foreign currencies, loans, foreign trade and project financing.

Akbank General Manager Hakan Binbasgil said Japanese companies are expected to make large investments in big infrastructure projects, new power plants, and renewable energy in the coming years.

Mizuho Corporate Bank, one of Japan’s largest banks with US$1.9 trillion in assets, opened its first liaison office in Turkey last February. Akbank is partly owned by Citigroup.

Mizuho Financial Group is the second largest financial services group in Japan while its banking businesses ranks the third in the country behind Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group.