The Financial Sector Supervisory Commission (CSSF) announced in a that it had imposed an administrative penalty on the credit institution Mizuho Trust & Banking (Luxembourg) S.A. The €444,400 fine for “non-compliance with professional obligations related to governance and IT organisation” was imposed on 17 November 2023 and came after an onsite inspection conducted by the CSSF from October 2022 to June 2023.

The CSSF noted in its communiqué that it had taken into consideration the fact that Mizuho acknowledged and recognised the regulator’s findings and observations, and that Mizuho had “provided a detailed action plan and directly initiated remedial actions in order to resolve the breaches identified.”

Contacted for comment, the bank’s managing director and CEO Atsushi Okuda stated: “I do confirm that the authorised management and the board of directors of the bank take this sanction very seriously and consequently adopted a robust remediation plan to ensure that all points identified by the regulator are properly addressed in due time. Finally, I would like to emphasise our commitment to continue delivering the highest level of quality to our clients.”

Mizuho Trust & Banking Luxembourg S.A. is a wholly owned subsidiary of Mizuho Trust & Banking Co. Ltd., which is itself a wholly owned subsidiary of Mizuho Financial Group Inc. Mizuho Financial Group Inc. has its headquarters in Tokyo, Japan.

In its 2022 annual accounts, published on the Luxembourg Business Registry in April 2023, Mizuho Trust & Banking Luxembourg reported a final profit for the year of $2,905,436, down from its 2021 profit of $9,090,444.

Article updated on 20 February 2024 at 18:30 with comment from Mizuho Trust & Banking (Luxembourg).