Business / Corporate

Bank of Tokyo-Mitsubishi UFJ names deputy president as new chief

Kyodo

The Bank of Tokyo-Mitsubishi UFJ said Deputy President Kanetsugu Mike will be promoted to president on June 14, replacing Takashi Oyamada who assumed the position just over a year ago.

Oyamada, 61, has been leading the bank, the core unit of the country’s largest banking group Mitsubishi UFJ Financial Group, since April last year but has tendered his resignation citing health reasons, the financial group said Wednesday.

While he will stay at the bank as a special adviser, Oyamada will also step down as chairman of the Japanese Bankers Association. MUFG President Nobuyuki Hirano will take up the post at the industry group.

The 60-year-old Mike joined a predecessor bank of the Bank of Tokyo-Mitsubishi UFJ in 1979. He currently leads the bank’s overseas business section.