LINE Corporation (Representative Director, President and CEO: Takeshi Idezawa, "LINE") and Mizuho Financial Group Inc. (President & CEO: Tatsufumi Sakai) agreed today to establish a joint venture through their subsidiaries, LINE Financial Corporation (Representative Director and CEO: Takeshi Idezawa, "LINE Financial") and Mizuho Bank, Ltd. (President & CEO: Koji Fujiwara, "Mizuho Bank"). Subject to any required regulatory approval, the joint venture will start preparation to establish a new bank.
Under their mission, "Closing the Distance", LINE and LINE Financial are bringing people and financial services closer by providing investment service (LINE Smart Invest) and non–life insurance service (LINE Insurance) through the LINE messaging app, while preparing for other financial services including other securities and loan services. In order to tackle the challenges in the financial industry and to meet customers' needs, LINE and LINE Financial have decided to enter into banking business, aiming to improve the usability of other financial services and make money feel closer to customers.
Mizuho aims to pursue better use of technologies and to provide convenient financial services to a broader customer base by offering an open platform for third parties, utilizing its financial expertise. Mizuho, utilizing its financial expertise, has decided to start a new bank with LINE in order to provide services that are more appropriate to its customers, especially to the smartphone generation.
By fully utilizing the over 78 million MAU*1 base and sophisticated UI/UX of LINE and Mizuho's financial expertise, the new bank, linked to LINE app, will provide a smartphone based banking services which are easy to use and approachable, therefore making banking service closer to people.
Other matters, including company information of the new bank, details of the service, and actual schedule, will be examined at the joint venture and announced when determined.
- *1:Number of monthly active users in Japan
<Company Information of each company>
–The joint venture
- 1.Company Name: LINE Bank Preparatory Company, Inc. (tentative)
- 2.Location of Head Office: Not decided
- 3.Representative: Not decided
- 4.Capital and Capital Reserves: JPY 2 billion
- 5.Shareholders: LINE Financial Corporation 51%, Mizuho Bank, Ltd. 49%
- 6.Date of Establishment: Not decided
–LINE Corporation
- 1.Company Name: LINE Corporation
- 2.Location of Head Office: JR Shinjuku Miraina Tower 23F, 4–1–6 Shinjuku, Shinjuku–ku, Tokyo, Japan
- 3.Representative: Takeshi Idezawa, Representative Director, President and CEO
- 4.Business: Provision and operation of the LINE messaging app and content and services made available on the LINE platform, in order to other web service businesses and AI businesses
- 5.Capital: JPY 95.7 billion (as of September 30, 2018)
- 6.Date of Establishment: September 4, 2000
–Mizuho Financial Group, Inc.
- 1.Company Name: Mizuho Financial Group, Inc.
- 2.Location of Head Office: Otemachi Tower, 1–5–5, Otemachi, Chiyoda–ku, Tokyo, Japan
- 3.Representative: Tatsufumi Sakai, President & CEO
- 4.Business: Bank Holding Company
- 5.Capital: JPY 2,256.5 billion
- 6.Date of Establishment: January 8, 2003
–LINE Financial Corporation
- 1.Company Name: LINE Financial Corporation
- 2.Location of Head Office: JR Shinjuku Miraina Tower 23F, 4–1–6 Shinjuku, Shinjuku–ku, Tokyo, Japan
- 3.Representative: Takeshi Idezawa, Representative Director and CEO
- 4.Business: Provision of financial instruments intermediary services
- 5.Capital: JPY 22.5 billion (as of October 31, 2018)
- 6.Date of Establishment: January 10, 2018
–Mizuho Bank, Ltd.
- 1.Company Name: Mizuho Bank, Ltd.
- 2.Location of Head Office: Otemachi Tower, 1–5–5, Otemachi, Chiyoda–ku, Tokyo, Japan
- 3.Representative: Koji Fujiwara, President & CEO
- 4.Business: Banking
- 5.Capital: JPY 1,404.0 billion
- 6.Date of Establishment: July 1, 2013