Mizuho Stops Accepting New Applications for Safe Deposit Box

Jiji Press

17:44 JST, January 19, 2025

Tokyo (Jiji Press)—Mizuho Bank has stopped accepting new customers for its safe deposit box services in principle, partly in the wake of a high-profile theft case at rival MUFG Bank, it was learned Sunday.

The major Japanese bank took the step at all outlets around the country Thursday, informed sources said. Mizuho Bank will continue its safe deposit box services for existing customers.

Mizuho Bank is the first to have stopped accepting new safe deposit box customers among the country’s three megabanks. The other two are MUFG Bank and Sumitomo Mitsui Banking Corp.

Mizuho Bank basically plans not to install safe deposit boxes at branches it will open in the future.

The bank decided on the latest move based on customer needs and circumstances surrounding the safe deposit box business, an informed source said.

Earlier this month, Tokyo’s Metropolitan Police Department arrested a former MUFG Bank employee for allegedly stealing gold ingots worth a total of ¥260 million from safe deposit boxes used by two customers.

MUFG Bank President Junichi Hanzawa has said that the bank will find by March a certain direction regarding its safe deposit box operations, including a possible withdrawal, following the incident and in light of the profitability of the business.