Japan's Mizuho says to issue more preferred shares
Published: 15 Feb 2009 17:38:25 PSTTOKYO, Feb 13 - Mizuho Financial Group said on Friday it plans to issue more preferred shares as Japan's second-largest bank looks to shore up a capital base depleted by heavy losses on shareholdings and a weakening economy.
Mizuho, which raised 355 billion yen ($3.9 billion) through a similar issuance in December, said it has yet to decide the amount of its latest fundraising.
The dollar-denominated shares will not be convertible to common stock, Mizuho said. The dividend rate has also yet to be decided, it said.
Mizuho and other Japanese banks have been forced to raise funds due to big losses on their shareholdings and higher bad-loan costs.
The lender booked a group net loss of 145.1 billion yen for the October-December quarter, the biggest among Japan's major banks. ($1=91.12 Yen)
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