Malaysia has benefited form the participation of Japanese financial institutions in both the domestic financial sector and the Labuan International Business and Financial Centre. Deputy Governor of Bank Negara Malaysia, Datuk Muhammad Ibrahim, said as at January 2012, there were nine Japanese institutions operating in Malaysia which are three commercial banks, four insurance companies, one reinsurance firm and one joint-venture takaful operator. Muhammad said as the Malaysian economy expanded, there is a need for more high-calibre players and new sophisticated financial products and services that would serve the real economy. One example is Mizuho Corporate Bank, created in 2000 through the establishment of a holding company for three banks The Dai-chi Kangyo Bank Ltd, The Fuji Bank Ltd and the Industrial Bank of Japan Ltd. It is consolidated and reorganized to form Mizuh Corporate Bank Ltd and Mizuho Bank Ltd.