Rakuten waives non-competition clause with IBFBy Kao Shih-ching / Staff reporterIBF Financial Holdings Co (國票金控) on Thursday said that its Japanese joint-venture partner has agreed to waive a non-competition clause, paving the way for the company to invest in a commercial bank in Taiwan. The partner is Japan-based e-commerce company Rakuten Group Inc, which, through its wholly owned subsidiaries Rakuten Bank and Rakuten Card, set up a virtual bank, Rakuten International Commercial Bank Co (樂天國際商銀), in partnership with IBF. The Tokyo-based Rakuten Bank and Rakuten Card hold a combined 51 percent stake of the Web-only bank, with paid-in capital of NT$10 billion, while IBF holds the remaining 49 percent. The entrance to a branch of Rakuten International Commercial Bank in Taipei is pictured on March 16. IBF chairman Wea Chi-lin (魏啟林) told an investors’ conference in April that acquiring a physical channel would raise the company’s efficiency, and IBF would pursue acquisitions that are good for shareholders’ equity.

Source: Taipei Times June 25, 2021 15:56 UTC