Mizuho Securities, part of Japan’s third-largest banking group Mizuho Financial Group, announced on Wednesday that it will acquire a majority stake in Indian investment bank Avendus from U.S. private equity firm KKR, in a deal valued at up to 81 billion yen ($523 million). The transaction will make Avendus a consolidated subsidiary of Mizuho, reflecting Japanese banks’ growing interest in India’s rapidly expanding economy.

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Details of the Acquisition

Under the agreement, Mizuho will acquire between 61.6% and 78.3% of Avendus shares. The deal follows an increasing number of inquiries from Mizuho’s banking clients regarding expansion into India, according to Masahiro Kihara, Mizuho Securities CEO.

Kihara emphasized that the acquisition strengthens cross-regional collaboration, building on the 2023 purchase of U.S. M&A advisory firm Greenhill. He said:

“Better cross-regional collaboration has been one of the great things about the Greenhill acquisition. On the investment banking side, we thought India was a missing piece.”

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Strategic Importance for Mizuho

India’s fast-growing economy offers Japanese financial institutions opportunities that are increasingly limited at home due to an ageing and shrinking population. By acquiring Avendus, Mizuho aims to:

• Expand investment banking operations in India,
• Leverage partnerships with global advisory firms, and
• Increase business in industrials, healthcare, infrastructure, and energy sectors.

Avendus CEO Gaurav Deepak confirmed that the partnership would result in expanded hiring and increased investments in strategic sectors.

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Context: Japanese Investment in India

Mizuho’s acquisition of Avendus is part of a broader trend of Japanese financial institutions investing in India. Earlier in 2025, Sumitomo Mitsui Financial Group acquired 24.2% of Indian lender Yes Bank, reflecting the growing appeal of India as a target for overseas expansion.

KKR, which first invested in Avendus in 2016, will now exit a significant portion of its holdings, marking another milestone in the globalization of India’s financial sector.

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Implications for the Indian Market

The deal is expected to:

• Strengthen cross-border investment banking capabilities,
• Facilitate capital inflows into India’s industrial and financial sectors, and
• Provide Indian companies with greater access to international advisory and M&A expertise.

With rising foreign interest in Indian financial services, the Mizuho-Avendus transaction highlights the increasing strategic value of India for global banks seeking growth outside their domestic markets.