Shinsei Bank on Tuesday revamped its management lineup, nearly two months after a successful tender offer by online financial group SBI Holdings Inc., with a former SBI vice president now at the bank's helm.
Following an approval at the bank's extraordinary shareholders meeting, former senior executive vice president Katsuya Kawashima replaced Hideyuki Kudo as Shinsei president. Kawashima will be tasked under the SBI-led leadership with paving the way to repay the public funds injected into the bank in the wake of Japan's financial crisis in the late 1990s.
During the meeting, Kawashima pledged to boost the corporate value of Shinsei Bank.