Rakuten Group, Inc. and Rakuten Bank, Ltd. have agreed to initiate talks aimed at the reorganization of Rakuten Group's FinTech Business, including Rakuten Bank. The parties are considering integrating the entire FinTech businesses including Rakuten Bank, Rakuten Card Co., Ltd., Rakuten Securities Holdings Co., Ltd. Rakuten Insurance Holdings Co., Ltd., and other FinTech businesses into one group.
Rakuten Group and Rakuten Bank will proceed with discussions towards entering into a definitive agreement. The reorganization is anticipated to take effect in October 2024. Even after the reorganization, Rakuten Bank will continue to be a consolidated subsidiary of Rakuten Group.
The reorganization falls under the category of a material transaction with the controlling shareholder for Rakuten Bank. It is anticipated that the Rakuten Bank's shares will be listed continuously on the Tokyo Stock Exchange Prime Market even after the completion of the reorganization.
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