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Masashi Teranishi, senior managing director at Sanwa Bank, will become president of UFJ Bank when it is launched Jan. 15, instead of Sanwa Bank President Kaneo Muromachi, as had been earlier decided, a Sanwa Bank spokesman said Friday.

The UFJ Financial Group, comprising Sanwa Bank, Tokai Bank, and Toyo Trust & Banking Co., decided it would be better not to have Muromachi as president of the new bank in light of the poor performance at Sanwa Bank, the spokesman said.

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