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Japan's Rakuten prepares to take online banking unit public

IPO would raise funds for fast-growing segment amid wider group losses

Japanese e-commerce player Rakuten is looking to list its online banking unit as its telecom ambitions pushed the group to a $590 million loss for the first half of 2021. (Photo by Kaisuke Ota)

TOKYO -- Rakuten Group on Thursday said it is preparing to publicly list shares in online banking subsidiary Rakuten Bank in a move that would raise funds for its fastest-growing segment as the wider group incurs heavy losses on forays into telecom businesses.

The Japanese e-commerce group's board also decided to incorporate its new telecommunications solutions business, Rakuten Symphony, launched in August.

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