Rakuten Group to replace Rakuten Card as parent of Rakuten Bank

At the Board of Directors meeting held today, Rakuten Group, Inc resolved to change the parent company of its consolidated subsidiary Rakuten Bank, Ltd from Rakuten Card Co., Ltd to Rakuten Group. The change is scheduled for April 1, 2022.

Rakuten Bank, a consolidated subsidiary of the company will carry out strategies to grow with a perspective of more autonomous management, and raise its own funds. Rakuten Group is currently preparing for listing in order to enable the execution of various growth and financial strategies.

The current Rakuten Group structure was formed by organizational restructuring of the Group, which was carried out on April 1, 2019. This included Rakuten Card, which has the largest customer base in the FinTech Company.

Rakuten Group says:

“We built an organizational structure with Rakuten Card as the parent company of the FinTech businesses, to allow for flexible decision making, including efficient pursuit of synergies such as mutual customer transfer across businesses with high business affinity within the FinTech Company. Since then, as originally aimed, each FinTech company has expanded its customer base and business, and has contributed to the development of the Rakuten Ecosystem”.

Rakuten Bank will continue to be an important consolidated subsidiary of the company, in order for the Group to develop its FinTech business.

Regarding the listing of Rakuten Bank’s shares and related matters including the above, approval by the relevant authorities may be a prerequisite, and depending on the results of the examination in the preparatory process, the Group may be further reorganized. It may be necessary or may be concluded that Rakuten Bank will not go public. Therefore, the scheduled listing date has not yet been decided.

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