- Kamlani became independent director of U.S. unit this month
- Japan's largest bank seeking to win market share in U.S. bonds
Suneel Kamlani, the former co-head of Royal Bank of Scotland Group Plc’s investment banking division, has joined Mitsubishi UFJ Financial Group Inc.’s U.S. securities unit as an independent director.
Kamlani was appointed to the board of Mitsubishi UFJ Securities (USA), Inc. this month, according to a filing with the U.S. Financial Industry Regulatory Authority. A spokesman for MUFG confirmed the hire.
Kamlani’s appointment to the U.S. operation of Japan’s biggest lender comes almost two years after he left RBS’s markets unit, which he joined from Swiss lender UBS Group AG in 2010. He starts at MUFG as the bank seeks to win market share in U.S. investment-grade bond underwriting as many large firms pull back from the industry.
MUFG is hiring in the U.S. to expand its capital markets business, and it will hire more people where needed, Paul Young, who left Citigroup Inc. after 28 years to join the bank as its international head of capital markets, said last month.
Kamlani joined RBS under former Chief Executive Officer Stephen Hester’s tenure as the British lender sought to shrink its investment bank while attempting to keep its status as a global player. He left as Hester’s successor, Ross McEwan, combined RBS’s markets operation with its U.K. and international corporate banking businesses and laid the groundwork to exit 25 countries around the world.