Mizuho in talks with overseas asset managers about possible deals - Reuters

Investing.com -- Mizuho Financial Group (TYO:8411) is in "full-fledged" discussions with overseas asset managers about potential deals as part of a bid by the Japanese banking firm to increase its assets to $1 trillion in the next decade, Reuters reported, citing a senior executive.

Noriyuki Sato, the head of Mizuho's asset management unit, told Reuters that reaching the $1 trillion mark will allow the group to "compete globally." It currently manages about 70 trillion yen, or around $474 billion.

Sato added a deal may take the form of partnerships, investments or acquisitions, Reuters said. Alternative asset classes like infrastructure and private debt have also been targeted as possible growth areas, Sato told the news service.

Japanese lenders such as Mizuho are looking to bolster their operations in response to an expected reversal in the country's deflationary cycle, which could persuade households to tranfer more savings into investments.

Mizuho (NYSE:MFG) peer Mitsubishi UFJ Financial Group (NYSE:MUFG) bought private credit group AlbaCore Capital last year, while Sumitomo Mitsui Trust's (NYSE:SMFG) Nikko Asset Management is in talks to purchase a stake in France's Tikehau Capital.