Line, a global mobile messenger company, speeds up the promotion of Internet banking business in Japan.
Line Financial under Line Co., Ltd. and Mizuho Bank under Mizuho Financial Group announced on the 22nd that they have agreed to make additional investments and change the management system for the company preparing for the establishment of Line Bank.
Line Financial and Mizuho Bank are preparing to establish a smartphone bank that can be easily used by linking’Line’ with the goal of 2022.
Line Financial and Mizuho Bank plan to invest an additional 12 billion yen (about 126.3 billion won) to a company preparing for the establishment of Line Bank to further accelerate the system change for business development. Through this, the company preparing for the establishment of Line Bank will secure a capital reserve of 16.5 billion yen (approximately 173.7 billion won).
Line Financial and Mizuho Bank plan to establish a joint representative system to promote joint responsibility as equal partners. In addition to the current CEO, a new co-representative from Mizuho Bank will be inaugurated. The remaining directors and auditors are planning to reinforce the governance structure of the company preparing for the establishment of Line Bank by appointing four by Line Financial and four by Mizuho Bank. The new co-president plans to announce the decision as soon as it is finalized.
Reporter Kim Ji-sun [email protected]
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