Following a board of directors meeting on Thursday 30 September, the company said in order to "continue to grow sustainably in the rapidly changing Internet industry, we aim for a system that enables swift decision-making in each business, while further increasing the capital efficiency of each business, based on the business environment surrounding each business."
As such, Rakuten Bank "believes that through the listing of its shares, it will be possible to carry out management with a more autonomous perspective, and to consider various growth and financial strategies, including its own financing".
The company says it is still committed to developing the Group, especially the FinTech business, post completion of the IPO. In addition, the group will continue to review the organizational structure and capital structure of the company "in consideration of creditworthiness and financial soundness" with the aim of growing the business.
The IPO still requires regulatory approval, that may result in a reorganization or may lead to Rakuten not becoming listed. Therefore, no scheduled listing date has been agreed.
Overview of Rakuten Bank (as of 31 March 2021):
1 | Name | Rakuten Bank, Ltd. | |||
2 | Head office address | NBF Shinagawa Tower, 2-16-5 Konan, Minato-ku, Tokyo | |||
3 | Name and title of representative | Hiroyuki Nagai, President | |||
4 | Business outline | Online banking | |||
5 | Share capital | 25,954 million yen | |||
6 | Date of establishment | January 14, 2000 | |||
7 | No. of issued shares | 2,349,484 shares | |||
8 | Fiscal year end | March 31 | |||
9 | Main shareholder and % holding | Rakuten Card Co., Ltd (100%) | |||
10 | Business performance and financial position for the last 3 years | ||||
Fiscal year (consolidated) | As of March 31, 2019 | As of March 31, 2020 | As of March 31, 2021 | ||
Consolidated Net Assets | 129,538 | 147,682 | 186,790 | ||
Consolidated Total Assets | 2,997,205 | 3,851,733 | 6,486,841 | ||
Consolidated Recurring Revenue | 87,720 | 95,513 | 103,386 | ||
Consolidated Ordinary Income | 27,329 | 27,275 | 27,581 | ||
Profit attributable to owners of parent | 19,039 | 18,960 | 19,337 | ||
Note: Millions of yen, rounded down
