According to Reuters, Rakuten plans to sell 54 million existing shares of its Rakuten Bank subsidiary to both domestic and overseas investors, alongside the issuance 5.55 million new shares. Rakuten Bank has served as a strong hedge against losses in Rakuten's mobile business in recent years. The group's latest financial statement for the year ending 2022 underscored a 28.5% year-on-year operating income increase to 38 billion Japanese yen (£232mln) for Rakuten Bank, while Rakuten Mobile increase operating losses from -404 billion yen to -459 billion yen.