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Mizuho × Rakuten strategic stakes — Rakuten Securities, Rakuten Card, and the planned Rakuten Bank alliance

ConfidenceCertainUpdated2026-07-29Review by2026-10-27Sources4Machine-translatedOriginal (JA)

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This entry sits under business INDEX and reads the Rakuten transactions from the Mizuho side. Read it with Rakuten Group mobile-finance case, Mizuho Financial Group, Rakuten Securities, Rakuten Card, and Rakuten Bank.

TL;DR

Mizuho entered three related but legally distinct arrangements with Rakuten’s finance businesses:

  • Mizuho Securities acquired 19.99% of Rakuten Securities in 2022 and increased that interest to 49.00% through the transaction agreed in 2023.
  • Mizuho’s group acquired 14.99% of Rakuten Card under the 2024 alliance; Rakuten’s May 2026 reorganization disclosure identifies Mizuho Bank as holding 14.9998% at 2026-03 end.
  • Under the definitive FinTech reorganization announced on 2026-05-20, Mizuho Bank is expected to exchange its Rakuten Card shares for Rakuten Bank shares and hold 10.52% of Rakuten Bank voting rights after the share delivery scheduled for 2026-10-01.

The last step is scheduled and conditional, not a current Rakuten Bank holding. The old page blurred that distinction and described the 10.52% as already held. ^[Sources: https://global.rakuten.com/corp/news/press/2022/1101_01.html; https://global.rakuten.com/corp/news/assets/pdf/press/20231109_08_E.pdf; https://global.rakuten.com/corp/news/assets/pdf/press/20241113_12_E.pdf; https://global.rakuten.com/corp/news/press/2026/0520_11.html.]

1. Verified sequence

The following table separates completed interests from the conditional October 2026 structure. ^[Sources: https://global.rakuten.com/corp/news/press/2022/1101_01.html; https://global.rakuten.com/corp/news/assets/pdf/press/20231109_08_E.pdf; https://global.rakuten.com/corp/news/assets/pdf/press/20241113_12_E.pdf; https://global.rakuten.com/corp/news/press/2026/0520_11.html.]

Date / reference point Asset Mizuho-side position Status and boundary
2022-11-01 Rakuten Securities 19.99% voting interest Completed; Rakuten Securities became a Mizuho Securities equity-method affiliate and remained a Rakuten consolidated subsidiary
2023-11-09 agreement Rakuten Securities Additional 29.0007%, taking the total to 49.00% Transfer amount expected at ¥87 billion; Rakuten side retained 51%
2024-11-13 agreement Rakuten Card 14.99% Expected transfer amount ¥164.997 billion; Rakuten Card remained a Rakuten consolidated subsidiary
2026-03-31 reference point Rakuten Card Mizuho Bank held 14.9998% Confirmed in the definitive reorganization disclosure
2026-10-01 scheduled Rakuten Bank 10.52% voting rights after conversion Conditional on the share delivery, approvals and other closing conditions; not current at this review date
After scheduled reorganization Rakuten Securities Mizuho Securities expected to retain 49.00% Rakuten Securities itself is not a direct party to the share delivery

2. Securities alliance

The 2022 transaction transferred 19.99% of Rakuten Securities to Mizuho Securities. The 2023 agreement covered an additional 29.0007%, with Rakuten Securities Holdings retaining 51%. Rakuten’s release says the commercial alliance included online / offline asset-management services and product distribution. ^[Sources: https://global.rakuten.com/corp/news/press/2022/1101_01.html; https://global.rakuten.com/corp/news/assets/pdf/press/20231109_08_E.pdf.]

The headline percentage alone does not settle accounting control. The official releases explicitly identify Rakuten Securities as a Rakuten consolidated subsidiary and Mizuho Securities equity-method affiliate; those disclosed classifications should be used instead of inferring control solely from 49%.

3. Card alliance

Rakuten’s 2024 agreement set a 14.99% transfer and expected consideration of ¥164.997 billion. It also stated that Rakuten Card would remain a Rakuten consolidated subsidiary and that Rakuten expected a ¥159.353 billion non-consolidated gain on sale. ^[Source: https://global.rakuten.com/corp/news/assets/pdf/press/20241113_12_E.pdf.]

The disclosed commercial aim was to expand payment collaboration and corporate-customer opportunities. The public documents do not establish that the 14.99% figure was chosen to avoid one universal legal or accounting threshold; such thresholds depend on the specific Banking Act, governance and accounting analysis.

4. Planned bank-centered reorganization

Rakuten Group and Rakuten Bank signed a definitive agreement on 2026-05-20 to place Rakuten Card and Rakuten Securities Holdings under Rakuten Bank through share deliveries. Mizuho Bank agreed to transfer all its Rakuten Card common shares to Rakuten Bank and receive newly issued Class A non-voting Rakuten Bank shares, then convert the stated amount into common shares. ^[Source: https://global.rakuten.com/corp/news/press/2026/0520_11.html.]

The following table shows only the announced post-transaction voting-rights design. ^[Source: https://global.rakuten.com/corp/news/press/2026/0520_11.html.]

Holder Planned common shares after stated conversion Planned voting-rights ratio Important limit
Rakuten Group 111,822,080 49.95% It is also scheduled to retain 181,470,943 Class A non-voting shares
Mizuho Bank 23,559,673 10.52% Position arises only if the scheduled share delivery and conversion take effect

The effective date is scheduled for 2026-10-01 and may change because of regulatory clearances, securities-registration effectiveness and other conditions. The current page must therefore not present 10.52% as an existing holding.

5. What can be inferred

The series supports an evidence-based interpretation that Mizuho is building commercial access to Rakuten’s digital securities, card and banking channels without an announced takeover. It does not establish:

  • that Mizuho controls Rakuten Card or Rakuten Securities;
  • that all three positions are held by the same Mizuho legal entity;
  • that the October 2026 reorganization has closed;
  • that Rakuten entered the alliances solely because of mobile funding needs.

The last point may be part of an investor thesis, but the transaction releases also emphasize business collaboration and FinTech integration. It should be tested against cash-flow and financing disclosures rather than stated as the sole motive.

6. Monitoring points

  • Confirm regulatory approvals and the actual effective date of the Rakuten Bank share delivery.
  • Reconcile common shares, Class A non-voting shares, voting rights and economic interests after closing.
  • Track whether Mizuho Securities’ 49% Rakuten Securities position changes under the final structure.
  • Use Rakuten Bank’s post-transaction related-party and governance disclosures to assess influence rather than relying on percentages alone.

Sources

[!info] Verification status confidence: certain for the transaction terms stated in the official releases. The planned 10.52% Rakuten Bank voting position remains conditional and scheduled for 2026-10-01.

#business#case-study#mizuho#rakuten#capital-alliance#online-brokerage

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