Mizuho Bank to become major shareholder of Rakuten Bank

Rakuten Bank may acquire corporate loans originated by Mizuho Bank, amongst others.

Japanese megabank Mizuho has entered a capital and business alliance agreement with digital lender Rakuten Bank and is set to become a major shareholder.

Mizuho Bank will obtain over 23.559 million Class A shares of Rakuten Bank, according to a press statement on 20 May 2026. Upon transfer, the shares will be converted into common shares, and Mizuho Bank will become a major shareholder of Rakuten Bank.

Under the alliance, the two parties said that they will consider establishing a way for Rakuten Bank to acquire corporate loans originated by Mizuho Bank. They may expand this to include project finance loans and fund investments.

Mizuho Bank may provide support to assist Rakuten Bank in establishing the credit review and risk management frameworks required for the asset purchase, it said.

Mizuho Bank plans to offer payment working capital financing for small corporate customers and sole proprietors, including merchants within the Rakuten Ecosystem.

Rakuten Bank, in turn, will consider acquiring the receivables securitized by Mizuho Bank.

The two banks will also consider measures to improve their operational efficiencies, such as in the housing loan businesses.

They are also considering enabling Mizuho Bank to offer temporary over-the-counter cash disbursement operations for Rakuten Bank customers in the event of a disaster or other crisis.

Under the agreement, Mizuho Bank has agreed that it will not acquire any shares or other equity interest in Rakuten Bank—including purchase or other acquisitions by joint holders—without the digital bank’s prior consent.

Mizuho Bank also agreed that it will not transfer, assign, pledge, or dispose any part or all of its shares or other equity interests in Rakuten Bank to any third party without Rakuten Bank’s prior written consent.

Earlier this week, Mizuho Bank had stated that it had no decision yet regarding an investment in Rakuten Bank following a local media report.