Rakuten Group plans to combine financial units in October, promoting collaboration and efficiency.
Rakuten Group, the debt-laden online retailer, is considering combining its financial units, including its banking, securities, credit card and insurance businesses, to promote collaboration and improve efficiency. The integration is planned to take effect in October, with Rakuten Bank continuing to be listed on the Tokyo exchange. The move follows Rakuten's unprofitable foray into the mobile phone carrier business and its struggle to generate cash, which has led the company to issue equity and debt and sell off assets.
April 01, 2024
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