Tokyo, May 18 (Jiji Press)–Mizuho Financial Group Inc. said Monday it is considering investing in Rakuten Bank, a unit of e-commerce giant Rakuten Group Inc. Mizuho Financial, one of Japan’s three megabank groups, aims to invest in Rakuten Bank by autumn, when Rakuten Group’s financial business reorganization is scheduled to be completed. At a time when industry competition for deposits is intensifying in an environment of rising interest rates, the megabank group hopes to attract new customers, particularly young people, through cooperation with the major online bank. Mizuho Financial already has a financial business tie-up with Rakuten Group. Mizuho Bank owns a stake of about 15 pct in Rakuten Card Co., while Mizuho Securities Co. holds a 49 pct stake in Rakuten Securities Inc. The specific stake to be held by Mizuho Financial in Rakuten Bank will be determined at a later date. Rakuten Group is expected to soon disclose the direction of its financial business reorganization. It aims to consolidate its banking, credit card and securities operations into a single group in October. END [Copyright The Jiji Press, Ltd.]
Mizuho Eyes Investment in Rakuten Bank
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