Rakuten Bank shares tumbled 12.7% to 6,946 yen Thursday after parent Rakuten Inc announced renewed talks to merge its fintech units. The proposed restructuring would combine Rakuten Bank, Rakuten Card, and Rakuten Securities into one group, marking the second attempt at such a merger in two years.

Rakuten Inc, which holds a 49% stake in Rakuten Bank, said it would resume internal discussions on the fintech consolidation plan first proposed in June 2024. The initial reorganization talks collapsed in late 2024 amid concerns about potential conflicts of interest between Rakuten Group and Rakuten Bank's minority shareholders.

The restructuring raises questions about whether the merger would benefit Rakuten Group, which faces mounting costs and debt, or minority shareholders. Rakuten Bank has established an independent special committee to evaluate the reorganization and stated it may abandon the plan if discussions don't yield favorable outcomes. The uncertainty has also attracted regulatory scrutiny.