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Finance

Glitch-plagued Mizuho to decline reins of key Japan banking lobby

CEO Sakai has delayed handover over recent ATM outages

Mizuho Financial Group CEO Tatsufumi Sakai was originally supposed to become chairman of the Japanese Bankers Association on April 1.   © Reuters

TOKYO -- The head of Mizuho Financial Group plans to turn down the chairmanship of Japan's leading banking-industry group, instead focusing on his company's recent information system troubles.

President and group CEO Tatsufumi Sakai was originally slated to take over as chairman of the Japanese Bankers Association on April 1 from Mitsubishi UFJ Financial Group Chairman Kanetsugu Mike. The post usually rotates every year among top executives from Japan's megabank trio, which also includes Sumitomo Mitsui Financial Group.

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