Vincent Ingato, the co-head of leveraged finance at The Mizuho Corporate Bank, and John Oberle, who was responsible for investment banking relationship management, have both left the Japanese bank. Rival bankers said the departures do not augur well for the bank's participation in the leveraged loan space, but Atsushi Narikawa, who was co-head of leveraged finance with Ingato and is now the sole head in addition to being deputy general manager of Americas' financial products division, stated that far from wanting out, the bank is still shooting to lead LBO deals both in the U.S. and Europe.
There was speculation from a rival banker that Ingato's and Oberle's leaving is due to a change of strategy from the bank. "At one point early last year Mizuho wanted to be a co-arranger in the U.S. This did not work out, so instead the bank is concentrating on participation," he said. But Narikawa said the firm is still targeting lead spots and explained that Mizuho has been unsuccessful recently in leading LBO deals in the U.S. as sponsors that the firm has backed have not won.
Narikawa said the departures are related to a restructuring and adjustment started in April 2002 and that Ingato and Oberle left by mutual consent. Narikawa will assume Ingato's responsibilities, while Jim Fayen, v.p., will take over Oberle's role. Jay Shankar, v.p. responsible for LBO sponsor relationships, is still with the firm, Narikawa added. There are up to 20 loan professionals left at Mizuho, a source noted. But they do not have the same industry recognition in leveraged loans as Ingato and are largely credit professionals, said another source. Ingato helped to establish Mountain Capital and was a senior v.p. of leveraged finance at Fuji Bank. Sources said Ingato and Oberle have not yet landed elsewhere, but neither could be reached for comment.