Satoru Kishi, president of the scandal-tainted Bank of Tokyo-Mitsubishi, was reappointed Tuesday as the head of the nation's banking federation.
The reappointment follows an earlier decision by an ad hoc committee at the Federation of Bankers Associations of Japan, which determined that changing the industry head would be inappropriate in the current business climate, said an official of the federation's secretariat. "This is a very tough choice for me," Kishi said, implying he did not want to remain in the post. He said he accepted the federation's decision because he feels indebted to the banking circle for what it has done for him over the years.
He spoke in a very humble manner. In February, Kishi took over for Naotaka Saeki, president of Sanwa Bank, who stepped down following revelations of a bribery scandal involving his bank. But later, Tokyo-Mitsubishi was also found to be involved in the same scandal, where employees of major banks throughout the nation allegedly bribed Finance Ministry bureaucrats in return for confidential information, including bank inspection schedules.
Kishi said reforming the way the bank federation operates is among numerous issues he must deal with. One situation he said he would like to change is the tradition in which only the bank whose president serves as chairman of the federation tends to represent the industry in contacting financial authorities and various organizations.