OSAKA -- Sumitomo Bank announced May 23 that Vice President Yoshifumi Nishikawa will replace Toshio Morikawa as president, effective June 27.
Morikawa will become chairman, and current Chairman Sotoo Tatsumi will step aside and become an adviser, the firm said. Speaking at a news conference here, Morikawa said Tatsumi, 73, first brought up the idea of stepping down, citing the fact he has worked at the bank for 50 years. "Tatsumi's remark made me think of selecting a younger person with flexibility and activeness as the new president," the 64-year-old Morikawa said.
Nishikawa, 58, said he will work on making Sumitomo the most trusted bank at home and abroad. "National borders will increasingly disappear along with the revision of the Foreign Exchange and Foreign Trade Control Law, and various deregulatory measures are taken to facilitate cross-industry competition," Nishikawa said. Asked about rumors of Sumitomo merging with Daiwa Bank, Nishikawa said negotiations could come in the future if both sides feel the need for them.