TOKYO -- Mizuho Financial Group is forming a surprising partnership with a regional lender linked to domestic rival Mitsubishi UFJ Financial Group, seeking to economize as its earnings erode under the Bank of Japan's negative interest-rate policy.
The tie-up with Shizuoka Bank, covering a range of services for retail customers and small to midsize businesses, will be the first in a broader effort by Mizuho to trim costs and redistribute operations through partnerships with regional banks. Other local lenders may be inspired to seek similar arrangements.
