July 26, 2019
  • RAKUTEN, INC.

Announcement for Resolution to Establish a Company for Banking Operations in the United States

 

  Rakuten Card Co., Ltd. (CEO: Masayuki Hosaka, hereinafter “Rakuten Card”), a wholly owned subsidiary of Rakuten, Inc. (Chairman and CEO: Hiroshi Mikitani, hereinafter “the Company”) announced today that it has resolved to establish a company to commence a Banking Operation in the United States, pending approvals.

 

1. Purpose and background

  Since the launch of an affiliate service in 2005, the Company established an E-Commerce service in 2010 and has expanded its business into various areas such as, membership-based online cash-back site, e-books, and more in the United States. Rakuten has formed a strong ecosystem in the United States centered around E-Commerce, making it one of the most important regions within our overseas business.
  To further strengthen our ecosystem within the United States, we have resolved to establish an industrial bank in the State of Utah to commence a Banking Operation, pending approval from authorities.
Rakuten Card will follow necessary procedures to provide banking services in the United States.

 

2. Overview of company to be established

(1) Company name

Rakuten Bank America

(2) Description of Business 

Credit card issuing and acquiring, Personal loans, Business loans and deposits

(3) Capital

USD 400 million

(4) Ownership

Rakuten Card 100%


(Note) Representative, date of establishment, fiscal year, total assets, net assets are undecided at the present time.

 

3.  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, Loans, Credit Guarantee

(5) Capital

JPY 19,323 million

 

4. Schedule

(1)   Rakuten Card Board of Directors resolution

July 26, 2019

(2)   Rakuten Board of Directors resolution

July 26, 2019

(3)   Founding date

July 31, 2019 (planned)

(4)   Filing date

July 26, 2019 (planned)

 

5. 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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