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The president of the Bank of Tokyo-Mitsubishi said Tuesday that he will not resign from his position as head of a banking industry organization despite allegations that his bank bribed Finance Ministry officials.

After apologizing for the bribery scandal during a Tokyo news conference, Satoru Kishi said his presence as chairman of the Federation of Bankers Associations of Japan (Zenginkyo) is necessary to stabilize the nation’s financial system.

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