Mizuho Financial Group plans to acquire U.S. private equity placement agent Capstone Partners, a person familiar with the matter said, as the Japanese lender looks to beef up its investment banking business.

Dallas, Texas-based Capstone helps private equity firms find limited partners to invest in their funds, helping raise capital for global private equity, credit, and infrastructure firms.

Following the acquisition, Capstone will come under Mizuho’s holding company in the United States, where it is expected to help build out the Japanese bank’s investment banking business, the person said, declining to be identified because the information has not been made public.

Mizuho does not plan to disclose the cost of the acquisition, the person added.

No one was immediately available for comment at Capstone’s Dallas office outside normal working hours.

Mizuho, which has struggled at home to overcome a long-running series of system errors, is set to appoint senior executive officer Masahiro Kihara as its next chief executive to tackle the issue.

The Capstone purchase is in line with efforts by Japan’s biggest banks to acquire more businesses overseas, particularly in faster-growing markets.

Of the three megabanks, Mizuho has, however, been slower to move than bigger rivals Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group.

The news was earlier reported by the Nikkei business daily.

(Reporting by Makiko Yamazaki; Writing by David Dolan; Editing by Edwina Gibbs)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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