Mizuho Financial to Increase Stake in Rakuten Securities

Mizuho Financial Group of Japan plans to increase its stake in online brokerage Rakuten Securities to nearly 50% with an investment of 90 billion yen ($596.38 million), according to the Nikkei business daily on Nov 8.

According to Reuters, Mizuho purchased a 19.99% stake in Rakuten Securities from its parent company, Rakuten Group, for 80 billion yen last year through its securities unit. As per the report, the banking company intends to increase its stake in the company as the online broker's IPO plans stall.

According to the report, plans for Rakuten Securities' listing are still in the works, and Mizuho is collaborating with Rakuten Securities to attract new customers.

"Nothing has been decided at this point," Mizuho said of its investment in Rakuten Securities, according to Reuters.