Japan’s Mizuho Financial Group is reportedly planning to up its stake in online brokerage Rakuten Securities to nearly 50% with an investment of 90 billion yen ($596.38 million), as per the Nikkei business daily.
In 2020, the banking group had acquired a 19.99% stake in Rakuten Securities from its parent Rakuten Group for 80 billion yen.
The move comes as Rakuten Securities’ IPO plans have been delayed. Reuters reported that Rakuten Group had applied to list its securities unit in Tokyo in July.
Mizuho and Rakuten Securities are reportedly working together to bring in more customers.
When asked about the investment in Rakuten Securities, Mizuho told Reuters that “nothing has been decided at this point”.
($1 = 150.9100 yen)