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Mitsubishi Group names new head

10-12-152Mitsubishi UFJ Financial Group, Japan’s largest bank, is expected to nominate Takashi Oyamada as its next president and chief executive of its core banking unit. In doing so, the bank is settling for an insider for the top position although a major part of the bank’s operations are outside the country. 60-year-old Oyamada’s appointment will be subject to approval by a committee that includes independent directors. Besides being the No 1 in Japan, the bank holds more than 20% stake in US investment bank Morgan Stanley and earns about 20% of its profit from international business. Oyamada built his career in domestic roles, although he did study briefly at the Massachusetts Institute of Technology. A University of Tokyo graduate who joined what was then known as Mitsubishi Bank in 1979, he has built a strong network among government officials and financial regulators.

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