January 8, 2019
  • RAKUTEN, INC.

Announcement Concerning an Agreement to Establish a Joint Venture on the Premise of Acquiring Approvals etc for a Banking Business in Taiwan

 

  Rakuten Bank, Ltd. (CEO: Hiroyuki Nagai, hereinafter “Rakuten Bank”) and Rakuten Card Co., Ltd. (CEO: Masayuki Hosaka, hereinafter “Rakuten Card”), wholly owned subsidiaries of Rakuten, Inc. (Chairman and CEO: Hiroshi Mikitani, hereinafter “the Company”) announced today that it has reached an agreement (hereinafter the “Agreement”) with Waterland Financial Holdings Co., Ltd. (hereinafter “WFH”), for the formation of a joint venture to start a banking operation in Taiwan.

 1.Purpose and background of the Agreement

  Since the launch of an E-Commerce service in 2008, Taiwan Rakuten has expanded its business into areas such as credit cards, a travel, flea market app, and e-books. Taiwan Rakuten has formed a strong ecosystem centered around the E-Commerce and credit card businesses, making it one of the most important regions within our overseas business.|
  To further strengthen the ecosystem within Taiwan, we have agreed to begin preparation of launching an online banking service in Taiwan together with WFH. On the premise of acquiring approvals etc from the authorities, Rakuten Bank, Rakuten Card, and WFH will follow necessary procedures to provide banking services in Taiwan.

 

 2.Overview of the Joint Venture

(1)

Company name

RAKUTEN INTERNATIONAL COMMERCIAL BANK CO., LTD.

(2)

Business

Electronic banking services

(3)

Capital

TWD 10 billion (approximately JPY 36 billion)

(4)

Ownership

Rakuten Bank 50%, Rakuten Card 1%, WFH 49%

(Note) Representative, date of establishment, fiscal year, total assets, net assets are undecided

 

3.Overview of Rakuten Bank

(1)

Company Name

Rakuten Bank, Ltd.

(2)

Head Office

1-14-1 Tamagawa, Setagaya-ku, Tokyo

(3)

Representative

Hiroyuki Nagai

(4)

Description of Business

Electronic banking services

(5)

Capital

25,954 million yen

(6)

Founded

January 14, 2000

(7)

Major Shareholders and Shareholding Ratio

Rakuten, Inc.

100.00%

(8)

Relationship with Rakuten, Inc.

 

Capital relationship

100% wholly owned subsidiary of the Company

Personnel relationship

One representative director of the Company joined Rakuten Bank as Director and Chairman. One executive officer of the Company joined Rakuten Bank as President and Representative Director.

Trade relationship

There is no highly important operational relationship

(9)

Financial Position and Performance in the Past 3 Fiscal Years (J-GAAP) (Millions of yen)

 

Consolidated fiscal year ended

March 31, 2016

March 31, 2017

March 31, 2018

 

Net assets

80,362

93,660

110,367

 

Total assets

1,717,470

1,876,770

2,353,510

 

Net assets per share (yen)

34,204

39,864

46,975

 

Revenue

64,584

70,591

79,720

 

Operating Income

15,716

19,083

23,660

 

Net Income Attributable to Owners of the Company

10,105

13,526

16,433

 

Earnings per share (yen)

4,300

5,757

6,994

 

Dividend per share (yen)

-

-

-

 (Note)  In millions of yen unless specified otherwise

 

4.Overview of Rakuten Card

(1)

Company Name

Rakuten Card Co., Ltd.

(2)

Head Office

1-14-1 Tamagawa, Setagaya-ku, Tokyo

(3)

Representative

Masayuki Hosaka

(4)

Description of Business

Credit cards, card loans, credit guarantees

(5)

Capital

19,323 million yen

(6)

Founded

December 6, 2001

(7)

Major Shareholders and Shareholding Ratio

Rakuten, Inc.

100.00%

(8)

Relationship with Rakuten, Inc.

 

Capital relationship

100% wholly owned subsidiary of the Company

Personnel relationship

One representative director of the Company joined Rakuten Card as President and Representative Director. One executive officer of the Company joined Rakuten Card as Vice President and Representative Director. One executive officer of the Company joined Rakuten Card as Outside Director. One auditor and executive officer of the Company joined Rakuten Card as Auditor.

Trade relationship

There is no highly important operational relationship

(9)

Financial Position and Performance in the Past 3 Fiscal Years (J-GAAP) (Millions of yen)

 

Non-Consolidated fiscal year ended

December 31, 2015

December 31, 2016

December 31, 2017

 

Net assets

65,072

79,255

96,253

 

Total assets

995,001

1,182,952

1,412,874

 

Net assets per share (yen)

827,380

1,007,715

1,223,836

 

Revenue

170,619

201,548

234,580

 

Operating Income

16,307

22,531

23,845

 

Ordinary Income

16,403

22,599

23,846

 

Net Income

10,345

14,237

16,640

 

Earnings per share (yen)

131,538

181,024

211,575

 

Dividend per share (yen)

-

-

-

(Note) In millions of yen unless specified otherwise

 

5.Overview of Waterland Financial Holdings

(1)

Company Name

Waterland Financial Holdings Co., Ltd.

(2)

Head Office

F4&10, No.167 Section 2,Nan-King East Road Taipei Taiwan

(3)

Representative

Wea Chin-Lin

(4)

Description of Business

Financial services

(5)

Capital

TWD 27,800 million (as of December 31, 2017)

(6)

Founded

March 26, 2002

(7)

Major Shareholders and Shareholding Ratio

Norwares Overseas Inc.

8.30%

Hotel Taipei Miramar Co., Ltd.

5.97%

(8)

Relationship with Rakuten, Inc.

 

Capital relationship

None

Personnel relationship

None

Trade relationship

None

(9)

Financial Position and Performance in the Past 3 Fiscal Years

 

Consolidated fiscal year ended

December 31, 2015

December 31, 2016

December 31, 2017

 

Net assets

125,787

126,793

136,169

 

Total assets

951,898

927,165

1,022,818

 

Net assets per share (yen)

0.05

0.05

0.05

 

Revenue

18,072

19,238

24,039

 

Ordinary Income

7,214

9,571

11,431

 

Net Income Attributable to Owners of the Company

6,802

5,767

10,164

(Note) 1. In millions of yen unless specified otherwise

 2. FY2015 1 TWD = 3.66 JPY
     FY2016 1 TWD = 3.62 JPY
     FY2017 1 TWD = 3.79 JPY

 

6.Schedule

(1)

Rakuten Card board resolution date

September 25, 2018

(2)

Rakuten Bank board resolution date

January 7, 2019

(3)

WFH board resolution date

January 8, 2019

(Note) Date of establishment of the joint venture is undecided.

 

7.Impact on business performance

  At present, the potential impact on Rakuten Group consolidated financial performance is expected to be limited. We will promptly announce any matters that require disclosure in the future.  

*Please note that the information contained in press releases is current as of the date of release.

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