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G7 to meet with Citigroup, Mizuho, others for talks on financial crisis - report

Wed, Apr 9 2008, 22:39 GMT
http://www.afxnews.com

TOKYO (Thomson Financial) - Finance ministers and central bankers from the Group of Seven industrialised nations have invited the leaders of about 10 major global financial institutions, including Citigroup Inc. and Mizuho Corporate Bank, the unit of Mizuho Financial Group Inc. to the meeting in Washington, D.C., on Friday to discuss ways to avert a financial crisis, the Nikkei reported on Thursday, without citing sources.

Also participating in the talks -- to be held just after the end of the regular G7 meeting -- will include top executives at Lehman Brothers Holdings Inc., JP Morgan Chase & Co., Bank of America Corp. and Deutsche Bank AG., the business daily said.

Senior officials from major European and U.S. funds are also expected to attend, it said.

U.S. monetary authorities have organized the special gathering in order to ask financial institutions for their cooperation in the event of turmoil in the financial markets, the report said.

The discussions are expected to cover such issues as providing credit lines to liquidity-strapped financial institutions, it said.

The United States -- which is chairing the upcoming G7 meeting -- plans to call on private-sector financial institutions to further strengthen their financial bases, according to Nikkei.

The talks will be held as an informal meeting, and a joint statement will not be released, it said.

($1 = 101.83 yen)

yasuhiko.seki@thomson.com

yas/ms

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