Mizuho Financial Group Inc. unit Mizuho Bank Ltd. will further increase its stake in IBJ Leasing Co. Ltd. by acquiring 648,000 additional shares of the company.

The bank said March 12 that it expects to execute the transaction March 29. The announcement came after Mizuho Bank in February agreed to acquire an 18.4% stake in IBJ Leasing by subscribing for 6,355,000 new shares and acquiring 2,654,200 shares from its shareholders.

Together with Mizuho Financial's existing stake and its previously agreed share purchases, the latest share purchase would boost the group's stake in IBJ Leasing to 23.5%.