Mizuho to acquire 15% stake in Rakuten Card [Yahoo! Finance]
RAKUTEN GROUP INC S/ADR (RKUNY)
NASDAQ:AMEX Investor Relations:
global.rakuten.com/corp/investors
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Source: Yahoo! Finance
As per the terms of the share transfer and shareholders agreements, Rakuten Card will remain a subsidiary of Rakuten Group, operating within the broader Rakuten ecosystem. The share transfer is planned for 1 December 2024. In November 2023, Mizuho, a major banking group in Japan, agreed to increase its stake in Rakuten Securities to 49%, as Rakuten Group grappled with financial challenges, primarily driven by losses from its mobile network unit, reported Jiji Press via Nippon This agreement came slightly more than a year after Mizuho bought about 20% of Rakuten and formed a business alliance. Through their partnership, Rakuten and Mizuho aim to strengthen their credit card operations by leveraging their customer bases. With over 30 million cards, Rakuten Card is a key component of the Rakuten Group, which seeks to expand its customer base through its points-based rewards system. While Rakuten Card faces challenges in the corporate card market, Mizuho has struggled to gain
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