Mizuho Financial Group is intensifying its focus on wealth management to compete with Nomura Holdings, as affluent Japanese individuals increasingly invest their savings, Bloomberg reported.

Mizuho Securities president Yoshiro Hamamoto revealed that the bank is targeting clients with assets over Y500m ($3.4m) through its brokerage unit.

The company plans to redistribute its sales personnel and increase face-to-face services at branches for these affluent individuals.

Despite strong profits from its global markets and investment banking divisions, Mizuho’s services for individual clients have lagged. The firm aims to streamline its retail operations by categorising customers based on asset size.

Hamamoto said: “We’ll learn from Nomura where we can, but we also aim to catch up by using our unique approach.

“We will firmly strengthen our presence in Asia, including China,” Hamamoto added, indicating a strategy for building the business while securing profits.

The organisation has been acquiring talent from Nomura and analysing its methodologies, while simultaneously utilising Mizuho’s advantages throughout its trust, banking and securities sectors.

For individuals possessing assets under Y500m, Mizuho will utilise lower-cost channels like call centres for sales and consulting.

This strategy mirrors Nomura’s recent overhaul of its domestic retail business to concentrate on wealthier customers.

Hamamoto also emphasised Mizuho’s commitment to expanding operations in China.

The China Securities Regulatory Commission has received Mizuho’s application to establish a securities division, with a focus on the bond business.

Hamamoto added: “We want to capture commercial flows by integrating our strengths in banking and securities.”