Transforming and developing a bank, the Japanese way

[SINGAPORE] Mizuho Bank in Singapore may not be a household name to the man in the street. That is probably because the bank which is part of Japan’s Mizuho Financial Group caters to corporate clients – some 3,000 of them – and not retail customers. 

Singapore is key to the Japanese bank, with its Asia-Pacific headquarters established in the Republic in April 2023. The headquarters oversees 14 locations in the region, including Hong Kong, Bangkok and India.

The bank employs more than 1,000 professionals in Singapore. About 550 focus on the Singapore country operations while the rest are involved in the regional business. 

In October 2023, Singaporean Josephine Lok became Mizuho Bank Singapore’s first female CEO, reporting to the managing executive officer and Asia-Pacific CEO Koichi Zaiki.

Lok was previously the Singapore chief operating officer at Swiss wealth giant UBS where she helped implement critical operational strategies.  

At Mizuho Bank Singapore, she said: “My focus is on driving strategic growth, fostering innovation, and strengthening operational excellence to position the bank for long-term success in Singapore.”

For the year to March 2025, Mizuho Bank Singapore’s estimated gross profit was around US$516 million.

Economic growth and the Asean trade corridor  

The bank aims to provide comprehensive financial solutions to its many corporate clients, facilitate cross-border transactions, and support local businesses in their international expansion.

Lok said: “We are committed to fostering robust trade corridors within the region by leveraging our extensive network of branches and offices across key financial centres such as Singapore and Hong Kong.” 

As well, the bank is deepening its commitment to sustainability; offering diverse solutions, including advisory services and capital financing, to support businesses that contribute to the transition to a low-carbon society.

Last year, the bank was the lead arranger for a S$300 million financing deal for Terrenus Energy to deploy solar photovoltaic systems at commercial and industrial facilities across Singapore.

Transforming the bank

Japanese companies are often perceived as bureaucratic. But Lok noted that being at the bank requires an understanding of the difference in culture. She pointed out: “Japanese are very prudent and may take longer to make a decision – but once a decision is made, they are committed for the long term.”

While the Asia-Pacific region offers many opportunities, it is a competitive one. Lok said that the bank is undergoing a transformation process. 

She added: “We are embarking on a journey to re-imagine the future of banking. While we have maintained certain practices and systems for many years, we recognise that the time has come to reset and explore new ways to transform our operations.” This means enhancing efficiency, streamlining processes and offering more innovative solutions. 

An example of an innovation solution is Wiz Chat, a proprietary artificial intelligence-driven chat platform. Lok said that this allows the bank to offer a personalised and efficient service to clients while ensuring the highest standards of data security and privacy. 

Creating a dynamic workplace

Many organisations focus less on employees once they are past a certain age. But at Mizuho Bank in Japan, there is the concept of a “second career”, which allows senior employees to continue contributing in different capacities while also creating opportunities for new leadership to emerge.

Lok said: “As life expectancy increases, the model recognises the value of experienced professionals who, after transitioning from their primary roles, can share their knowledge and insight in advisory positions or in a different set-up like an SME.”

This can “foster a dynamic and evolving leadership landscape”, she pointed out, adding that the bank is looking at a potential initiative in Singapore and assessing how best it can be adapted to local needs.

Developing younger talent 

Lok said: “Beyond banking, I hope to drive a positive impact and help nurture the next generation of talent for Mizuho and the industry.”

The soft-spoken CEO started off her career at consulting firm Accenture and travelled extensively in her younger days. She feels strongly that overseas exposure is important. It can “increase opportunities for Singaporeans to be groomed through international exposure to build capabilities for future global and regional leadership roles”, she noted.   

She added: “For Singaporeans, it’s about how we remain competitive.  If you look at our labour costs compared to other Asean countries, we need to provide good talent to justify why people should set up their regional head office here.”

Younger talent are encouraged to go overseas. “At Mizuho, we have started a new scheme from January. We will post you overseas for six months, up to a year, where you take a different role from what you are doing currently,” she said. 

Such overseas working experience facilitates communication among colleagues. She added: “I believe that when you have worked with someone over time, collaboration becomes much easier whenever your paths cross again. The Japanese have mastered this through their approach of rotating staff and posting them across the world, fostering strong, lasting professional relationships. This is something we in Singapore can learn.”