Mizuho to Buy Stake in Rakuten’s Brokerage Unit for $552 Million
- Japanese banks are trying to bolster digital services
- Internet retailer Rakuten has been boosting financial business
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Mizuho Financial Group Inc. agreed to buy a minority stake in Rakuten Group Inc.’s online securities arm for 80 billion yen ($552 million), the latest move by a Japanese bank to team up with a technology company and bolster digital services.
The Japanese lender’s brokerage unit will buy almost 20% of Rakuten Securities Inc., the companies said on Friday. The transaction is scheduled to be completed in November.