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Mizuho Financial Group vs MUFG

Side-by-side credit pricing comparison from Pillar 3 disclosures.

Last updated: March 2026 · Data source: public Pillar 3 disclosures
Verdict:

On a representative BBB+ EUR 25M 5-year term loan, MUFG is the cheaper lender by 0bp in minimum spread. For a EUR 25M facility, that's EUR 0 per year.

Bank profiles compared

Metric Mizuho Financial Group
Japan		 MUFG
Japan
IRB approachMixedMixed
Cost-to-income64.2%57.6%
Effective tax rate27.0%27.0%
Avg corporate PD1.70%1.18%
Avg LGD unsecured39.0%39.6%
Avg LGD secured20.0%20.0%
Funding spread (bp)12bp12bp
Corporate EADEUR 82518bnEUR 83386bn

Sample RAROC: BBB+ EUR 25M 5Y term loan

Both banks priced on the exact same deal — 150bp spread, 20bp commitment fee, 60-month maturity. Higher RAROC means the bank earns more from this deal. Lower min-spread means the borrower gets a better rate.

Component Mizuho Financial Group MUFG
Annual revenueEUR 385,000EUR 385,000
Operating costEUR 154,000EUR 154,000
Expected lossEUR 28,750EUR 28,750
Capital required (FPE)EUR 2,451,320EUR 2,451,320
RAROC (after tax)7.37%7.37%
Min spread for 12% RAROC254bp254bp
This is just one sample deal.

Your actual portfolio has different ratings, sizes, maturities, and collateral. The cheapest bank for one deal isn't always cheapest for another. Upload your real facilities and OpenRAROC will run the same calculation on each, against Mizuho Financial Group, MUFG, and 57 other banks.

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FAQ: Mizuho Financial Group vs MUFG

Which bank is cheaper on corporate credit: Mizuho Financial Group or MUFG?
On a BBB+ EUR 25M 5-year term loan, MUFG requires a minimum spread of 254bp to reach a 12% RAROC hurdle, versus 254bp at the other bank — a difference of 0bp on the same deal.
How do Mizuho Financial Group and MUFG compare on corporate PD?
Mizuho Financial Group reports an EAD-weighted corporate PD of 1.70%, while MUFG reports 1.18%. The gap reflects differences in obligor mix and geography rather than underwriting quality.
How do the two banks differ on IRB approach?
Mizuho Financial Group uses Mixed and MUFG uses Mixed. The IRB approach determines whether internal LGD models or supervisory LGDs apply, which materially affects capital required on every corporate facility.
What deal is used in this comparison?
A single standardised facility: BBB+ rated, EUR 25M drawn on a EUR 30M commitment, 5-year tenor, 150bp spread, 20bp commitment fee. Both banks are priced on this exact deal using their own disclosed Pillar 3 parameters.