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Mizuho to buy stake in Philippine bank

Japan’s Mizuho Financial Group is in talks to buy a 60% stake valued at more than $500 million in Bank of Commerce of the Philippines. Mizuho, Japan’s third-largest bank by revenue, is in talks to buy the stake from Philippine conglomerate San Miguel Corp, according to sources. The Japanese bank has made an offer that the Philippine company is evaluating. San Miguel, which has operations ranging from beer brewing to real estate, has tried to sell its stake in the Philippine bank in the past, but failed to come to a deal because it did not receive the valuations it sought. Bank of Commerce is the Philippines’ 15th-largest bank by assets with 123 branches across the country.

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