Japanese bank Mizuho buys 20% of online broker Rakuten Securities for $550 million
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Today one of the leading banks in Japan, Mizuho Financial Group, announced on the purchase of 19.99% of the large online broker Rakuten Securities for 80 billion yen ($552 million). The deal is expected to close in November.
Mizuho, this deal will allow access to technologies and customers of Rakuten Securities. In turn, Rakuten Securities is now preparing to enter the stock exchange – this decision was made by its main owner Rakuten Holdings. An alliance between a major online broker and one of Japan’s leading banks will draw additional investor attention to Rakuten Securities’ IPO, according to Rakuten Holdings executives.
“We believe that this alliance will lead to an increase in the value of Rakuten Securities Holdings shares,” Rakuten Holdings said in a statement.
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