Mizuho Gets WestLB Brazil

Mizuho has agreed to acquire WestLB’s Brazilian subsidiary, it says. The company did not respond to request for comment regarding the value, but Japanese and other media reports put it in the neighborhood of JPY30bn ($380m). The deal, which remains subject to regulatory approvals, comes as Germany-based bank WestLB restructures in a plan approved by the European Commission late last year that instructs WestLB to split off its business with savings bank and public-sector clients and gives it the option to sell other segments until June 30. WestLB do Brasil had about $1.5bn in assets as of year-end. Mizuho says the acquisition provides it a local banking platform that will extend its reach in Brazil with both Japanese and non-Japanese customers, specifically in lending and project finance, which have been areas of expertise for the bank.