Rakuten Group, Inc. and Rakuten Bank, Ltd. have agreed to initiate discussions aimed at the reorganization of Rakuten Group’s FinTech Business, including Rakuten Bank.
Rakuten is considering integrating the FinTech businesses including Rakuten Bank, Rakuten Card Co., Ltd., Rakuten Securities Holdings Co., Ltd. (“Rakuten Securities HD”), Rakuten Insurance Holdings Co., Ltd., and other FinTech businesses into one group.
Even after the Reorganization, Rakuten Bank will continue to be an important consolidated subsidiary of Rakuten Group and the FinTech Business will continue to be the core business segment in the entire Rakuten group.
Should the Reorganization be implemented as a result of the discussions going forward, Rakuten is planning to discuss with Rakuten Securities HD the possibility of not pursuing its initial public offering.
As of today, Rakuten Bank’s shares are listed on the Tokyo Stock Exchange Prime Market. Rakuten anticipates that the Rakuten Bank’s shares will be listed continuously on the Tokyo Stock Exchange Prime Market even after the completion of the Reorganization.
The Reorganization is expected to take effect in October 2024.
