January 15, 2020 / 9:52 AM / 9 days ago

Japan's MUFG to pick deputy president Kamezawa as CEO to beef up digital strategy: Nikkei

FILE PHOTO: People are reflected in the logo of Mitsubishi UFJ Financial Group's bank of Tokyo-Mitsubishi UFJ (MUFG) in Tokyo, Japan, May 16, 2016. REUTERS/Thomas Peter

TOKYO (Reuters) - Japan’s Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T) will promote Deputy President Hironori Kamezawa to CEO, the Nikkei business daily reported on Wednesday, adding it would aim to accelerate its digital strategy.

The reshuffle would take effect in April, according to the Nikkei.

Kamezawa, who has led the group’s digital strategy, would be the first chief executive who had not previously headed its banking unit, the Nikkei said.

A growing number of banks and financial firms are focusing on digitalization to boost profits and cut costs.

“These reports are not based on any announcement by MUFG,” MUFG said.

Outgoing CEO Kanetsugu Mike will become a vice-chairman of the group but he will remain as a head of MUFG Bank, the Nikkei said.

MUFG Bank said last year it would book a one-off charge of about 207.4 billion yen ($1.9 billion) for the quarter ended Dec. 31 due to a drop in the share price of an Indonesian subsidiary.

Reporting by Takashi Umekawa, writing by Kaori Kaneko; editing by Jason Neely and Louise Heavens

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