Mizuho Financial Group, Japan’s biggest lender, plans to set up a private banking unit and target clients who have more than ¥500 million ($...

Mizuho Financial Group, Japan’s biggest lender, plans to set up a private banking unit and target clients who have more than ¥500 million ($4.7 million) in liquid assets, according to a statement from the bank. Mizuho also said it will partner with the Bank of New York, to sell investment products. The bank will recruit around 70 new staff for the venture. The private bank, yet to be named, will provide clients with banking and investment services, as well as advisory services in property and art investment, the statement said. Mizuho also announced that it will offer joint banking services with Wells Fargo & Co and Wachovia Group, to boost its consumer retail business, which accounts for around 14 per cent of its revenues.