Mizuho Securities buys 19.99% of Rakuten Securities’ common stock
The two have also signed a shareholder agreement.
Mizuho Securities has bought 19.99% of Rakuten Securities’ common stock, according to an announcement.
Following the share transfer, Rakuten Securities will become an equity-method affiliate of Mizuho Securities.
Mizuho Securities and Rakuten Securities Holdings have also signed a shareholder agreement in conjunction with the share transfer agreement.
In a press release, Mizuho Financial Group’s securities unit said that they hope to “attract customers from a wide range of generations,” based on synergies with the Rakuten ecosystem and its online securities trading platform with excellent UI/UX.
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In addition, Mizuho and Rakuten Securities hopes to “jointly realize a "fully-fledged hybrid comprehensive asset management consulting service that meets the needs of all individual customers.”
Mizuho Securities provides face-to-face asset management consulting services in Japan, with a network of 226 branches, mainly targeting middle-aged and senior customers.
Meanwhile, Rakuten Securities is part of the Rakuten ecosystem and makes use of this to target a wide range of customers, from wealth builders to traders. As of June, the number of accounts in the platform has surpassed 8 million.