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Finance

Mizuho fights to regain shareholder trust after ATM glitches

Regulators continues probe into Japanese megabank's third system trouble in 20 years

Mizuho has delayed the announcement of a plan to replace the head of its banking unit until the Financial Services Agency completes its own investigation. (Photo by Karina Nooka)

TOKYO -- Mizuho Financial Group CEO Tatsufumi Sakai appeared before shareholders in an annual general meeting on Wednesday and vowed to transform Japan's third-largest bank following a major computer glitch earlier this year.

Sakai highlighted steady improvements in the company's bottom line, but the whole meeting was overshadowed by the computer glitch, which brought 70% of Mizuho's ATMs to a temporary halt on Feb. 28. It was the third such trouble in Mizuho's 21-year history and a huge blow to the company's goal of becoming a major player in the field of financial technology in partnership with companies like SoftBank Group.

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