Rakuten Group announces plan to integrate bank, fintech units

By Thomson Reuters Mar 31, 2024 | 10:47 PM

TOKYO (Reuters) – Rakuten Group said on Monday it planned to integrate its bank, credit card and other fintech businesses into one group.

Rakuten Group and Rakuten Bank entered into a memorandum of understanding on the reorganisation, which is expected to take effect in October, the companies said in releases. Rakuten Bank would continue to be listed on the Tokyo exchange even after the integration, they said.

(Reporting by Rocky Swift; Editing by Jacqueline Wong)