Sep. 14--TOKYO -- Mizuho Corporate Bank, a key banking arm of Mizuho Financial Group Inc., said Monday it has signed a memorandum of understanding with Itau Unibanco, one of the largest banking groups in Brazil, to cooperate in areas including corporate financing and settlement business.

The deal will enable Mizuho Corporate to provide enhanced services to its existing customers by utilizing Itau Unibanco's network of about 5,000 outlets in Brazil and information held by the Brazilian bank, it said.

Mizuho Corporate also aims to boost support for Japanese business clients seeking to enter Brazil whose economy is expected to expand.

"The expectations for Brazil's future economic growth are rising each year, with many highly anticipated business prospects, including those related to Brazil's plentiful natural resources and those related to large-scale projects in conjunction with infrastructure development," it said in a statement.

Mizuho Financial Group has kept close ties with Itau Unibanco as Dai-Ichi Kangyo Bank, one of three pre-merger component banks of the Japanese banking group, had held a stake in a pre-merger component bank of the Brazilian banking group.

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