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Mitsubishi UFJ Financial Group Inc. plans to name MUFG Bank Managing Executive Officer Junichi Hanzawa as president and CEO of the core banking unit, sources said Tuesday.

The plan means that Hanzawa, 55, will become the first managing executive officer to directly assume the post of president and CEO at the bank, the sources said.

The appointment will take effect in April next year subject to approval by the bank’s nominating and governance committee.

Hanzawa will replace Kanetsugu Mike, 64, who is set to become chairman of Mitsubishi UFJ Financial Group, the holding company of the group, the sources said.

MUFG Bank is aiming to rejuvenate its management team to deal with changes facing the banking industry, such as the rapid development of digitalization and prolonged low interest rates, sources familiar with the situation said.

New presidents and CEOs took office in April at the holding company and its Mitsubishi UFJ Trust and Banking Corp. unit.

Hanzawa entered the former Mitsubishi Bank in 1988, engaging in corporate planning for many years. He currently serves as chief compliance officer.

At Mitsubishi Bank, he was a contemporary of Jun Ikeido, who later became a novelist, the original author of “Hanzawa Naoki,” a popular television drama series featuring bankers.

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