Bank of Tokyo-Mitsubishi Chairman Satoru Kishi and Vice Chairman Kenji Yoshizawa will step down now that the bank has almost finished disposing of nonperforming loans to large-lot clients, sources close to the bank said Tuesday.
They will formally resign after a general shareholders’ meeting scheduled for June 26, the sources said.
The change apparently reflects the bank’s determination to shift its leadership to President Shigemitsu Miki as part of its restructuring efforts, which include personnel cuts and the integration of redundant sales outlets.
Earlier this month, the bank said it is expecting parent-only net losses of 240 billion yen this business year after disposing of 500 billion yen in nonperforming loans.
It said the disposal marks the end of its clearance of bad loans to large borrowers.
Kishi will become an adviser, while Yoshizawa will act as a standing consultant, the sources said.
The bank has no immediate plan for their replacements, the sources said.
Kishi and Yoshizawa took their posts in June 2000.
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