Mitsubishi UFJ to Promote Hanzawa to President

Tokyo, Dec. 12 (Jiji Press)--Mitsubishi UFJ Financial Group Inc. plans to appoint Junichi Hanzawa, 60, president of its key operating subsidiary MUFG Bank, to succeed Hironori Kamezawa as president of the parent holding company, it was learned Friday.

Kamezawa, 64, will step aside to the post of chairman of Mitsubishi UFJ Financial, informed sources said. MUFG Bank Senior Managing Executive Officer Masakazu Osawa, 57, will become president of the bank, one of the three megabanks in Japan.

Hiroyuki Seki, 57, the bank's deputy president, will be named president of Mitsubishi UFJ Morgan Stanley Securities Co.

The appointments will be formalized and announced soon, and are expected to take effect next spring, the sources said.

It will be the first change of leader at the holding company in six years and at the bank in five years. While enjoying record profits on the back of rising interest rates, the group aims to achieve further growth through the top management reshuffles.

[Copyright The Jiji Press, Ltd.]