RETAIL BANKING | Staff Reporter, Japan

MUFG's banking arm to promote managing director to CEO

Junichi Hanzawa will replace Kanetsugu Mike, said a Nikkei report.

Mitsubishi UFJ Financial Group’s (MUFG) banking unit will promote a managing director to CEO in hopes of shaking up its corporate structure, reports Reuters.

Junichi Hanzawa will become the first managing director to take on the CEO position at Japan’s largest lender and will replace Kanetsugu Mike, who will become group chairman, according to a Nikkei report.

MUFG said it has not announced anything in response to the Nikkei report, which said the change will happen in April.

Change at the top of MUFG’s banking unit would be the latest management reshuffle following the April appointment of a new group CEO, whose predecessor was only in the post for a year.

Here's more from Reuters.

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