Mizuho to Acquire Stake in Rakuten Card

Tokyo, Nov. 13 (Jiji Press)--Mizuho Financial Group Inc. will spend about 165 billion yen to acquire a 14.99 pct stake in Rakuten Card Co., the credit card unit of Rakuten Group Inc. said Wednesday.

Through the tie-up, Rakuten and Mizuho aim to strengthen their credit card operations by utilizing their customer bases.

With more than 30 million cards, Rakuten Card is a core part of the Rakuten group, which seeks to expand its number of customers by giving points.

Rakuten Card struggles in the card market for corporate customers, while Mizuho lags behind in the market for individuals.

Rakuten and Mizuho will also work together with companies including financing firm Orient Corp. and UC Card Co. to provide convenient credit card services by making payment and paperwork more efficient.

[Copyright The Jiji Press, Ltd.]