Morgan Stanley is likely to appoint Ryosuke Tamakoshi to its board as the second representative from Mitsubishi UFJ Financial Group Inc., according to a person briefed on the discussions.
Tamakoshi, the former chairman of Mitsubishi UFJ, will represent the nation’s biggest publicly traded bank along with Masaaki Tanaka, who was elected to the board in May, said the source, who declined to be named because the appointment hasn’t been announced.
Morgan Stanley spokeswoman Mary Claire Delaney declined to comment.
Mitsubishi UFJ converted $7.8 billion of outstanding convertible preferred stock in Morgan Stanley into common stock last month.
The move raised Mitsubishi UFJ’s stake in Morgan Stanley to 22 percent and gave the bank a second board seat.
Tamakoshi, 64, was chairman of Mitsubishi UFJ when it took a $9 billion stake in Morgan Stanley as the investment bank’s shares plunged in the wake of Lehman Brothers Holdings Inc.’s spectacular collapse in Septem ber 2008.
Nobuyuki Hirano, deputy president of Mitsubishi UFJ, served on Morgan Stanley’s board from March 2009 until he was replaced by Tanaka this year
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