Mizuho among suitors looking at Credit Suisse securitised products unit - report

Mizuho Financial Group has reportedly emerged as a suitor for at least part of Credit Suisse’s securitised products group.

Bloomberg on Friday cited people with knowledge of the matter as saying that the Japanese bank is competing against the likes of Apollo Global Management, Centerbridge Partners, Pimco and Sixth Street.

According to Bloomberg, Tokyo-based Mizuho recently said securitised products are a "core pillar"” of its markets business in the Americas.

The US is "a super-important market. It’s the second-biggest revenue and profit generator after Japan," Kihara said in an interview in April, adding that there’s more room for what the bank can do in America.

A Credit Suisse representative said in an emailed statement to Bloomberg: "We will update on progress on our comprehensive strategy review when we announce our third-quarter earnings; it would be premature to comment on any potential outcomes before then."

Bloomberg said any potential deal would be among Mizuho’s largest since buying a portfolio of North American loans from Royal Bank of Scotland in 2015 for about $3bn.