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Mizuho turns to investors for assistance

MIZUHO Financial Group Inc, Japan's third-biggest bank by market value, will raise up to 693 billion yen (US$7.2 billion) from selling new shares to repair its balance sheet after suffering big losses last fiscal year.

Mizuho said yesterday it was offering 2.8 billion of common stock with an over-allotment option of almost 200 million shares.

The price would be set between July 15 and 17, the Tokyo-based bank said.

The lender joins bigger rivals in turning to investors for help after bad loans and steep equity losses triggered by the global financial crisis weakened their capital footing.

Last month Sumitomo Mitsui Financial Group Inc set pricing levels for its stock offering, which could bring in more than 920 billion yen.


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