TOKYO: Mitsubishi UFJ Financial Group (MUFG) said on Wednesday it picked Kanetsugu Mike, the head of its core commercial banking unit, as its next president and CEO as Japan’s largest lender accelerates efforts to expand overseas.
Mike will also continue to serve as chief of the commercial banking unit, MUFG Bank, while current CEO Nobuyuki Hirano will become chairman, the company said in a statement. The changes will take place in April.
Joining what is today’s MUFG in 1979, Mike, 62, has spent about half of his career outside Japan. He became CEO of MUFG Bank last year after his predecessor resigned suddenly on health grounds.
The company also said Chief Information Officer Hironori Kamezawa will become deputy president.
Hirano, who has led the banking group since 2013, has been credited with growing MUFG in a tightly controlled manner. He expanded the Japanese lender’s successful tie-up with Morgan Stanley after MUFG invested $9 billion in the Wall Street bank in 2008. MUFG has a 24 percent stake in Morgan Stanley.
Mike said the two companies’ Japanese investment banking joint ventures have made big progress in the M&A advisory and equity finance sectors. “We also want to do new wealth management business in Japan by utilising Morgan Stanley’s expertise,” he told a news conference.
Mike is taking over the helm of a financial conglomerate with over 300 trillion yen ($2.7 trillion) in assets, after Hirano carried out a major overseas push as many of its western peers pulled back during the global financial crisis a decade ago.
Unlike other Japanese banks, MUFG has retail banking operations overseas.
In addition to Union Bank in the United States, MUFG has been building up a full banking business in Southeast Asia through a string of deals involving local lenders.
In 2013, MUFG bought a 72 percent stake in Thailand’s Bank of Ayudhya for $5.3 billion. MUFG also said last year it was seeking a 73.8 percent stake in Indonesia’s Bank Danamon .
“Hirano has played a big role in building relationship with management of these partner banks. His successor is required to do the same,” J.P. Morgan analyst Rie Nishihara said.
Japan’s MUFG picks core bank unit head as CEO in management reshuffle
Japan’s MUFG picks core bank unit head as CEO in management reshuffle
Closing Bell: Saudi main index closes higher at 10,596
RIYADH: Saudi equities closed higher on Tuesday, with the Tadawul All Share Index rising 43.59 points, or 0.41 percent, to finish at 10,595.85, supported by broad-based buying and strength in select mid-cap stocks.
Market breadth was firmly positive, with 170 stocks advancing against 90 decliners, while trading activity saw 161.96 million shares change hands, generating a total value of SR3.39 billion.
Meanwhile, the MT30 Index closed higher, gaining 6.52 points, or 0.47 percent, to 1,399.11, while the Nomu Parallel Market Index edged marginally lower, slipping 3.33 points, or 0.01 percent, to 23,267.77.
Among the session’s top gainers, Al Masar Al Shamil Education Co. surged 9.99 percent to close at SR26.20, while Saudi Cable Co. jumped 9.98 percent to SR147.70.
Cherry Trading Co. rose 4.18 percent to SR25.44, and United Carton Industries Co. advanced 4.09 percent to SR26.46.
Al Yamamah Steel Industries Co. also posted solid gains, climbing 4.07 percent to end at SR32.70.
On the downside, Emaar The Economic City led losses, slipping 3.55 percent to SR10.32, followed by Derayah REIT Fund, which fell 2.92 percent to SR5.31.
Derayah Financial Co. declined 2.13 percent to SR26.62, while United International Holding Co. retreated 1.96 percent to SR155.20, and Gulf Union Alahlia Cooperative Insurance Co. eased 1.92 percent to SR10.70.
On the announcements front, Red Sea International Co. said it signed a SR202.8 million contract with Webuild S.P.A. to provide integrated facilities management services for the Trojena project at Neom.
The agreement covers operations and maintenance for the project’s Main Camp and Spike Camp, including accommodation and housekeeping, catering, security, IT and communications, utilities, waste management, fire safety and emergency response, as well as other supporting services.
The contract runs for two years, with the financial impact expected to begin in the first quarter of 2026. Shares of Red Sea International closed up 0.99 percent at SR34.74.
Al Moammar Information Systems Co. disclosed that it received an award notification from Humain to design and build a data center dedicated to artificial intelligence technologies, with a total value exceeding 155 percent of the company’s 2024 revenue, inclusive of VAT.
The contract is expected to be formally signed in February 2026, underscoring the scale of the project and its potential impact on the company’s future revenues.
MIS shares ended the session 2.82 percent higher at SR156.70, reflecting positive investor sentiment following the announcement.
