Mizuho’s Sakai Not to Head Japanese Banking Industry Assn

Economy

Tokyo, April 14 (Jiji Press)--The Japanese Bankers Association is considering naming Sumitomo Mitsui Banking Corp. President Makoto Takashima as its next chairman, dropping its earlier plan to pass the post to Mizuho Financial Group Inc. <8411> President Tatsufumi Sakai, it has been learned.

Takashima is expected to assume the position in July, informed sources said. At its board meeting Thursday, the association is likely to make a tentative decision on the appointment of Takashima as the successor to its current chairman, Kanetsugu Mike, chairman of Mitsubishi UFJ Financial Group Inc. <8306>, the sources said.

Sakai was slated to become chairman of the association this month. In the wake of a series of system glitches at Mizuho Bank, the core unit of Mizuho Financial, earlier this year, however, Sakai informed the industry group in mid-March of his intention of not assuming the post for the time being. Subsequently, Mike continues to serve in the post.

The top association post, with a one-year term, has been served by rotation among officials of Japan’s top three banking groups--Mitsubishi UFJ, Mizuho Financial and Sumitomo Mitsui Financial Group Inc. <8316>.

It will be the second time for the Mizuho group to forgo the role. In 2011, then Mizuho Bank President Satoru Nishibori, who had been slated to take up the post of chairman at the industry association, offered not to do so following a massive system glitch at the bank at the time.

[Copyright The Jiji Press, Ltd.]

Jiji Press