Mitsubishi UFJ Financial Group's banking unit will promote a managing director to become a chief executive, a first at Japan’s largest lender.
Junichi Hanzawa was appointed CEO in an attempt to drive change in the bank’s corporate culture, according to a «Nikkei» report. MUFG has yet to make any announcements and the changes are expected to occur in April next year.
Hanazawa, currently a managing executive officer overseeing compliance, succeeds Kanetsugu Mike who will be made group chairman. Part of his responsibilities will include MUFG’s digital transformation.
The Japanese financial giant continues to see reshuffling at the top including the appointment of new group CEO Hironori Kamezawa, who replaced Mike after just a year in the job. MUFG also promoted Mark Henderson in March this year to become the chief executive of the securities arm, succeeding Pierre Ferland.
