Mizuho Private Banking: Japan's low-⁠profile wealth service

Concept

Private banking at Mizuho sits inside the Wealth Advisory Division of Mizuho Bank — a practice within one of Japan's largest financial groups rather than a standalone private bank. The dedicated subsidiary Mizuho Private Wealth Management (MHPW) was dissolved on 31.12.2021 and absorbed into the bank. The service model is MIZUHO Connected Service, launched in July 2021: an invitation-based membership structure for wealthy clients. Group scale: ¥283.3 trillion in total assets and a record net profit of ¥885.4 billion in FY2024.

History and evolution

• 2002–2003 — Mizuho is formed from Dai-Ichi Kangyo Bank, Fuji Bank and the Industrial Bank of Japan.
• 2000s — MHPW operates as the dedicated private-banking subsidiary.
• July 2021 — MIZUHO Connected Service launches as the membership model for affluent clients.
• 31.12.2021 — MHPW is dissolved and absorbed into Mizuho Bank.
• February 2023 — alliance with Lombard Odier announced: global custody and advisory capabilities for Japanese clients.
• October 2025 — State Street takes over Mizuho's global custody business outside Japan.
• FY2024 — record group net profit of ¥885.4 billion.

Regulation

Primary supervisor is Japan's Financial Services Agency (FSA); the Luxembourg entity is supervised by the CSSF. In 2021 the FSA issued business improvement orders over a series of IT system failures; the orders were lifted on 19.01.2024. In November 2023 the CSSF fined Mizuho Trust & Banking (Luxembourg) €444,400.

Source of wealth

Typical wealth origins among clients: multi-generational business families, senior corporate executives, landowners and real-estate holders, and inheritance — a major theme in ageing Japan. More on documenting source of funds.

Who it serves

• UHNW clients: over ¥3 billion in financial assets per household — the bank's official definition.
• Around 600 such families were served as of March 2022 — official figure.
• The legacy MHPW threshold was reported by the press at roughly ¥500 million — reported, not official.
• Access is by invitation within the membership model.

Services

• Investment advisory and global custody through the Lombard Odier alliance (since February 2023) — a partnership, not a group entity.
• Trust services, inheritance and succession planning via Mizuho Trust & Banking.
• Holistic servicing of wealthy families inside the Wealth Advisory Division.
• No public lombard lending product is published.

Entities

Strengths

• Group scale: ¥283.3 trillion in total assets.
• Record FY2024 profitability — ¥885.4 billion net profit.
• The Lombard Odier alliance brings Swiss-grade global custody and advisory expertise.
• Commercial bank and trust bank integrated within one group.

Where it falls short

• No public entry threshold — invitation only, with no transparency for outside prospects.
• No expat private banking offering.
• The ex-Japan global custody business moved to State Street (October 2025), reducing the group's own global infrastructure.
• No published lombard lending product.

Optimal for wealthy Japanese families with capital of ¥3 billion or more who value discretion, succession planning and access to global custody through a proven partnership, and who are comfortable working by invitation without published terms.