Mizuho Bank to acquire stake in Rakuten Bank through capital and business alliance

Mizuho Financial Group and Rakuten Group announced on May 20 that Mizuho Bank will acquire shares in Rakuten Bank effective Oct. 1, with Mizuho's 14.99% equity stake in Rakuten Card to be swapped for Rakuten Bank shares.

The transaction constitutes a capital and business alliance (資本業務提携) between the two banks' parent companies.

The share swap will give Mizuho Bank a stake in Rakuten Bank, according to announcements from both financial groups.