• SHARE

OSAKA (Kyodo) UFJ Bank Chairman Ryosuke Tamakoshi will resign as head of the Osaka Bankers Association, UFJ officials said Wednesday.

Tamakoshi’s decision comes in the wake of accusations that UFJ Bank obstructed government inspections.

The association will discuss candidates to succeed Tamakoshi at a directors’ meeting in November, sources said.

They said that Kinki Osaka Bank President Hiroyuki Mizuta, who serves as deputy head of the body, may be made acting head.

Tamakoshi, who replaced former UFJ Bank President Masashi Teranishi as head in June, was scheduled to serve until April next year.

Teranishi tendered his resignation as the head of the Osaka bankers’ body after he stepped down as UFJ Bank president to take responsibility for the banking group’s poor business results.

In a related development Tuesday, UFJ Bank President Takamune Okihara resigned as a vice chairman of the Japanese Bankers Association over UFJ Bank’s alleged blocking of inspections last fall, a violation of the Banking Law.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW