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Mizuho Bank planning 1-yr delay in computer system integration -sources
February 27, 2014 / 12:21 AM / in 4 years

Mizuho Bank planning 1-yr delay in computer system integration -sources

TOKYO, Feb 27 (Reuters) - The core banking unit of Mizuho Financial Group Inc is looking to postpone the integration of its computer systems by one year from the original plan of spring 2016 due to development delays, sources said on Thursday.

Development costs to integrate the systems of the former Mizuho Corporate Bank and Mizuho Bank are now expected to slightly exceed 300 billion yen ($2.93 billion), compared with an initial estimate of 250 billion to 300 billion yen, two sources with knowledge of the matter told Reuters, adding that the impact to Mizuho Bank’s bottom line would be limited. ($1 = 102.2800 Japanese yen) (Reporting by Taiga Uranaka and Taro Fuse; Writing by Chang-Ran Kim; Editing by Dominic Lau)

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