Japanese e-commerce company Rakuten Inc said on Monday it was considering acquiring Asahi Fire & Marine Insurance Co Ltd, in what would be a further expansion into financial services.
Rakuten is set to buy the insurance firm owned by Nomura Holdings for 40 billion yen to 50 billion yen ($370 million to $460 million), the Nikkei daily reported, adding that the company would develop new insurance products that make use of its vast reserve of customer data.
Nomura said in a separate statement it was looking at selling shares in Asahi Fire & Marine. Rakuten and Nomura said they would disclose more information when appropriate.
Rakuten, which operates one of Japan’s most popular shopping websites, also offers online securities trading, commercial banking, credit cards and life insurance services.
Rakuten has stepped up its ambitions of late, announcing last week it had struck a partnership with Wal-Mart Stores Inc to launch an online grocery delivery service.
In December it said it would apply for a 4G mobile license, aiming to become the country’s fourth major wireless carrier in a strategic shift that had analysts warning of an uphill battle to gain customers.
Shares in Rakuten were down 0.5 percent in early morning trade while the Nikkei index was up 0.6 percent.
Source: Reuters.com