Japan Post Names Ex-Citigroup Executive to Lead Banking Unit

Japan Post Holdings Co. named former Citigroup Inc. executive Masatsugu Nagato to helm its banking unit as it prepares for an initial public offering.

Nagato, who used to be chairman of Citibank Japan Ltd., will become president of Japan Post Bank Co. on May 11, the government-owned holding company said in a statement Thursday. He replaces Taizo Nishimuro, who remains president of the holding company.

Nagato takes the job ahead of IPOs for the holding company and its banking and insurance arms as soon as September. The banking unit, which has the most deposits of any financial institution in Japan, is waiting for regulatory approval to start operations such as residential and corporate lending as it looks for ways to boost profitability before the share sale.

Nishimuro was doubling as head of the banking unit after replacing Yoshiyuki Izawa earlier this year. Izawa was named representative chairman of BlackRock Inc.’s Japan unit earlier this week.

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