Japan’s Mizuho Financial Group aims to increase its stake in online brokerage Rakuten Securities to nearly 50 per cent with an expected investment amount of 90 billion yen ($596.38 million), the Nikkei business daily reported on Thursday.
Mizuho had, through its securities unit, acquired a 19.99 per cent stake in Rakuten Securities from its parent Rakuten Group for 80 billion yen last year, Reuters had reported.
The banking co plans to raise its stake in the company as the online broker’s IPO plans lag, the report said.
Reuters had reported that Rakuten Group had applied to list its securities unit in Tokyo in July.
Plans for the listing of Rakuten Securities are still ongoing, the report said, adding that Mizuho is partnering with Rakuten Securities to attract new customers.
“Nothing has been decided at this point” Mizuho told Reuters regarding its investment in Rakuten Securities.
($1 = 150.9100 yen)