Business Services Industry
RAKUTEN TO ENTER FINANCIAL SERVICES BUSINESS WITH DLJDIRECT DEAL.
AsiaPulse News, November, 2003
TOKYO, Nov 17 Asia Pulse - Rakuten Inc. (TSE:4755) will acquire major online securities firm DLJdirect SFG Securities Inc. in a deal estimated to be about 30 billion yen (US$274.7 million), taking the plunge into the financial services industry.
This would be another large buyout for Rakuten that would compare with its acquisition in September of Mytrip Net Co., which runs Japan's largest online hotel reservation site. Rakuten, in addition to strengthening its group, will gain a foothold in financial services.
Online securities companies are trying to expand their customer base from short-term individual investors. To an online trading firm like DLJdirect, with its 150,000 accounts, the advantages of a relationship with the Rakuten group - which gets 15...
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