MIZUHO, the second largest bank in Japan, has agreed to buy the Moscow AKB MICHINOKU BANK, a Russian subsidiary of the Japanese MICHINOKU BANK LTD. So the KYODO news agency has reported. The price of the bank is seven billion yen ($58 million). MIZUHO is to soon bring the deal into the open, certain sources said. MICHINOKU is as yet the only Japanese bank that has a subsidiary in Russia. Along with its Moscow headquarters, the bank has branches in Yuzhno-Sakhalinsk and Khabarovsk.
Source: GAZETA.RU, October 12, 2006
