Mizuho Securities to buy 20% of Rakuten Securities for $550 million

1 min


163
102 shares, 163 points

TOKYO (Reuters) – Mizuho Financial Group’s securities unit will acquire a 19.99% stake in Rakuten Securities from its parent Rakuten Group for 80 billion yen ($552 million) to beef up its online brokerage business, the companies said on Friday.

Through the deal, Mizuho hopes to tap Rakuten Securities’ online brokerage expertise as well as its relatively young clientele at a time of stiff competition for traditional face-to-face brokerage services.

The transaction is expected to take place on Nov. 1, they said.

Japanese e-commerce giant Rakuten faces competition from Amazon.com and huge losses from building its low-cost mobile communications network. It has outlined plans to raise capital by listing the holding company of Rakuten Securities.

Mizuho rival Sumitomo Mitsui Financial Group Inc (SMFG) earlier this year took a 9.9% stake in online financial company SBI Holdings Inc for about 80 billion yen.

($1 = 145.0000 yen)

(Reporting by Makiko Yamazaki; Editing by Chang-Ran Kim)

Source: KFGO


Like it? Share with your friends!

163
102 shares, 163 points

What's Your Reaction?

Cute Cute
24
Cute
Fun Fun
16
Fun
Hate Hate
10
Hate
Confused Confused
26
Confused
Fail Fail
18
Fail
Geeky Geeky
13
Geeky
Love Love
5
Love
OMG OMG
26
OMG
Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format