Japan's Mizuho says will set up third-party committee over system failures

TOKYO: Japan's Mizuho Financial Group Inc will set up a third-party committee to investigate repeated system failures, it said in a statement on Wednesday, adding that its chief executive officer will hold a news briefing at 5 p.m. (0800 GMT).

Since late February, Mizuho has suffered three ATM-related glitches as well as problems on Thursday that resulted in delays to foreign currency-dominated remittance, mainly affecting corporate customers.

It would be the first appearance for CEO Tatsufumi Sakai to explain the issue.

The committee will be chaired by lawyer Shuji Iwamura and more than two members will join later, Mizuho said.

Japan's third-largest lender by assets in a separate statement said it has cancelled a management reshuffle that would have seen Mizuho Bank CEO Koji Fujiwara replaced by Managing Director Masahiko Kato from April.