Mitsubishi UFJ Names Hirano Bank Unit Chief, Replacing Nagayasu
Hirano will lead Bank of Tokyo-Mitsubishi UFJ Ltd., where he has served as deputy president, from April 1, according to a statement released in Tokyo today. Nagayasu, who is president of Mitsubishi UFJ, will become chairman of the banking subsidiary.
Japan’s largest banks are expanding in Asia and broadening services to make up for weakening loan demand at home. Mitsubishi UFJ wants to become one of the region’s three biggest lenders by profit through making acquisitions, funding infrastructure projects and expanding retail banking, Deputy President Tatsuo Tanaka said this month.
Hirano, who has been with the bank for 38 years, said last July that Mitsubishi UFJ may focus more on transaction banking and asset management as stricter global capital rules make lending businesses less attractive.
“We are one of the big players already in Japan, but our global presence in the asset management area is somewhat behind,” Hirano said in an interview on July 8. “We believe that’s a growing and promising industry.”
Mitsubishi UFJ’s trust banking unit clinched a deal to buy a 15 percent stake in AMP Ltd.’s Australian asset management business last month.
The banking group’s global expansion includes a 22 percent stake in Morgan Stanley (MS), as well as acquisitions of project financing assets previously owned by Royal Bank of Scotland Plc.
Hirano, currently a director of Mitsubishi UFJ, joined the bank’s predecessor in 1974 before it merged with Bank of Tokyo Ltd. in 1996, and then with UFJ Bank Ltd. in 2005, according to its website.
To contact the editor responsible for this story: Chitra Somayaji at email@example.com.