Mizuho Finance Group Establishes Global Center in Chennai, Japan's Initiative

02 Feb, 2024

Mizuho Finance Group Establishes Global Center in Chennai, Japan's Initiative

Mizuho Financial Group (Mizuho), Japan’s third-largest financial services group, has established a global capability center (GCC) in Chennai, joining a growing list of international companies setting up tech hubs in Tamil Nadu’s capital. Chennai is already home to GCCs of prominent entities like Standard Chartered, Bank of America, NatWest, Wells Fargo, Barclays, the World Bank, and Citi. Mizuho's GCC in Chennai will primarily focus on banking and information technology operations, marking a significant milestone in its efforts to bolster global capabilities.

The Chennai center will specialize in advanced information technology and IT-enabled services, covering areas such as robotic process automation (RPA), artificial intelligence (AI), systems development, cybersecurity, and general banking operations. Mizuho Global Services (MGS), the entity utilizing the GCC, currently employs over 250 professionals and aims to scale up to 1,000 by 2025.

The decision to choose Chennai as the location for its Global Business Centre underscores the city's thriving ecosystem, characterized by a highly skilled workforce proficient in banking and IT domains. According to the Tamil Nadu government, factors such as safety, robust infrastructure, and the expansion of the Chennai Metro make it an ideal destination for global conglomerates.

Dharma Raja, Managing Director at Mizuho Global Services, India, emphasized the company's commitment to expanding its business and capabilities globally, citing Chennai's conducive business environment as a key factor driving this objective forward. Moreover, Chennai's appeal extends beyond Mizuho, with global IT firms and major banks recognizing its strategic significance for their operations.

Standard Chartered, for instance, boasts its largest global office campus in Chennai, while Bank of America secured the city's largest office space transaction in 2023 by leasing 1.1 million square feet. Mizuho brings over 145 years of banking experience to Chennai, serving a substantial portion of Forbes Global 200 corporations and a significant share of companies listed in Japan. The Tamil Nadu government, through initiatives like promoting investments in the GCC space, continues to attract global players, leveraging key enablers such as quality talent and essential infrastructure.