Mizuho Corporate Bank, recently created through the consolidation of the corporate banking operations of Fuji Bank, the Industrial Bank of Japan and Dai-Ichi Kangyo Bank, has consolidated all three banks' loan operations on ALLTEL's Advanced Commercial Banking System (ACBS).
The initial announcement for the merger of the three banks was made in August 1999 and the first major step was taken in September 2000 with the delisting of the individual banks and the listing of Mizuho Holdings.
But consolidation of Mizuho's overseas offices and corporate banking operations was completed just last year. The move to using a single system for commercial lending reflects the larger holding company's strategy of consolidating IT infrastructure during 2003.
"The decision to consolidate our newly formed commercial lending entity onto ACBS was straightforward. ACBS has a track record of providing clients with efficiencies, and we knew ACBS would enable us to move our operations onto a single platform," says Mr. Toshiaki Mori, general manager of Mizuho Corporate Bank. "ACBS fits into our strategy of supporting a diverse portfolio of lending products."
The bank has signed a global maintenance and support agreement for the system that includes operations in New York and London.
Alltel says ACBS is suite of products that automate commercial lending activity, from deal origination through settlement and accounting to risk management and loan trading.
Mizuho has also licensed the Deal & Loan Servicing-Extended system from the ACBS suite.