Business Context and Reporting Period
This Form 6-K filing by Mizuho Financial Group, Inc. (Mizuho FG), dated May 20, 2026, announces a strategic capital and business alliance between its consolidated subsidiary, Mizuho Bank, Ltd., and Rakuten Bank, Ltd. The agreement aims to establish a new credit creation model by combining Mizuho Bank's corporate lending capabilities with Rakuten Bank's retail deposit base. The filing also discloses a change in major shareholders for Rakuten Bank, effective October 1, 2026.
Key Financial Metrics
The filing provides historical consolidated financial data for both Mizuho Bank and Rakuten Bank for fiscal years ending March 31, 2024, 2025, and 2026. It also includes a forecast for Rakuten Bank for the fiscal year ending March 2027.
| Entity | Metric | FY 2024 | FY 2025 | FY 2026 | FY 2027 Forecast |
|---|---|---|---|---|---|
| Mizuho Bank (Million Yen) |
Total Assets | 255,273,869 | 256,099,451 | 271,746,785 | N/A |
| Ordinary Income | 8,076,082 | 8,064,837 | 7,993,235 | N/A | |
| Ordinary Profit | 806,522 | 988,015 | 1,294,510 | N/A | |
| Net Profit (Parent) | 567,170 | 768,151 | 1,033,486 | N/A | |
| EPS (Yen) | 35,115.47 | 47,558.89 | 63,986.73 | N/A | |
| Rakuten Bank (Million Yen) |
Total Assets | 13,480,473 | 14,748,639 | 16,592,139 | N/A |
| Ordinary Income | 137,950 | 184,534 | 255,579 | 314,669 | |
| Ordinary Profit | 48,367 | 71,524 | 103,091 | 115,622 | |
| Net Profit (Parent) | 34,436 | 50,779 | 73,072 | 81,325 | |
| EPS (Yen) | 198.42 | 291.03 | 418.76 | 466.04 |
Note: Mizuho Bank's capital as of March 31, 2026, is 1.404 trillion yen. Rakuten Bank's capital is 32,643 million yen.
Material Changes and Strategic Actions
- Capital Alliance: Mizuho Bank will acquire 23,559,673 Class A shares of Rakuten Bank via a share delivery mechanism. Upon conversion to common shares, Mizuho Bank will hold approximately 10.52% of Rakuten Bank's voting rights, becoming a major shareholder.
- Business Alliance: The parties will collaborate to link Mizuho Bank's corporate loan origination with Rakuten Bank's retail deposits. Specific initiatives include:
- Ongoing acquisition of corporate loans and project finance assets by Rakuten Bank from Mizuho Bank.
- Securitization of receivables for small corporate customers and sole proprietors within the Rakuten Ecosystem.
- Operational efficiency improvements, starting with the housing loan business.
- Crisis management support where Mizuho Bank may provide temporary over-the-counter cash disbursement services for Rakuten Bank depositors.
- Reorganization Context: This alliance follows a broader reorganization of Rakuten Group's FinTech businesses, consolidating Rakuten Card and Rakuten Securities Holdings under Rakuten Bank.
Guidance, Outlook, and Risks
Outlook: Management expects the alliance to contribute to medium- to long-term business development and corporate value enhancement for both entities. The specific financial impact on Mizuho Bank and Rakuten Bank is currently under review.
Risks and Contingencies:
- Share Transfer Restrictions: Mizuho Bank is restricted from transferring, assigning, or pledging its Rakuten Bank shares without prior consent. It also has a prohibition on acquiring additional shares without consent.
- Operational Risk: The filing highlights the risk of Rakuten Bank's inability to process withdrawals during a crisis due to its digital-only nature, which the alliance aims to mitigate through Mizuho Bank's support.
- Financial Impact Uncertainty: The filing explicitly states that the impact on financial results is under review and does not provide specific quantitative guidance for Mizuho Bank regarding the alliance.
Key Facts for Investor Verification
- Effective Date: The share delivery and commencement of the alliance are planned for October 1, 2026.
- Ownership Stake: Mizuho Bank will hold 10.52% of Rakuten Bank's voting rights post-conversion.
- Financial Performance: Both banks showed strong growth in FY 2026, with Mizuho Bank's net profit reaching 1.03 trillion yen and Rakuten Bank's net profit reaching 73 billion yen.
- Future Guidance: Rakuten Bank forecasts FY 2027 net profit of 81.3 billion yen; Mizuho Bank has not issued specific guidance related to this transaction.
- Regulatory Status: The filing notes that the impact on financial results is under review, implying potential future disclosures regarding accounting treatment or earnings impact.