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Business deals

Mizuho to buy 20% of Rakuten Securities for $555m in digital push

Japanese financial group aims to capture young investors, improve online services

Mizuho Securities will purchase Rakuten Securities shares held by Rakuten Group.

TOKYO -- Mizuho Financial Group is set to invest in Rakuten Securities through its subsidiary Mizuho Securities. Mizuho will acquire about 20% of the company's shares and become subject to the equity method. The deal is estimated to cost about 80 billion yen ($555 million).

The move follows Sumitomo Mitsui's investment in SBI Holdings. Competition among Japan's megabanks in the digital space is becoming clearer as they try to win over young people through the inclusion of online securities and other services.

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