Resona Holdings to Promote Minami to President

Economy Society

Tokyo, Jan. 28 (Jiji Press)--Major Japanese banking group Resona Holdings Inc. <8308> plans to promote board director Masahiro Minami to its president on April 1, it was learned Tuesday.

Current President Kazuhiro Higashi will become chairman without the right to represent the company, informed sources said.

The appointments are expected to be finalized at a board meeting later this week.

Minami joined the former Saitama Bank, a predecessor of the Resona group, in 1989, the first year of the Heisei era of Japan. He will be the first to head a major Japanese banking group among people who started working at banks in the country in the first year of Heisei.

Higashi will also step down as president of Resona Bank, the core arm of the group, to be succeeded by Resona Holdings board director Shoichi Iwanaga, who is from the former Daiwa Bank, also a predecessor of the group, according to the sources.

[Copyright The Jiji Press, Ltd.]

Jiji Press