Mizuho Financial Group Inc., Japan’s third-largest bank by market value, received a license to start offering investment-banking services in Saudi Arabia, said two people familiar with the situation.
The Tokyo-based company’s Mizuho Corporate Bank Ltd. unit and its Mizuho Securities Co. affiliate will officially open the business in Riyadh today, after getting approval from regulators in Saudi Arabia and Japan last week, said the people, who declined to be identified before the information is made public.
Mizuho joins Nomura Holdings Inc., Japan’s biggest brokerage, in starting investment-banking operations in Saudi Arabia. Morgan Stanley and Goldman Sachs Group Inc. have also entered the Arab state, seeking to profit from wealth created by rising oil prices.
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