Mitsubishi UFJ Financial Group Inc. said Friday it will promote its deputy chief to CEO in April while having the current CEO concentrate on running the core banking unit to accelerate efforts to harness new digital technologies.

The holding company's Deputy President Hironori Kamezawa, 58, who has also served as the financial group's "chief digital transformation officer," will become president and CEO effective April 1.

Kanetsugu Mike, 63, the president and CEO since last April, will remain head of the unit bank, MUFG Bank, and take the post of the holding company's deputy chairman, it said.

"How we reshape our business model is the top priority," Kamezawa said at a press conference in Tokyo.

Kamezawa, who majored in mathematics at the University of Tokyo's graduate school, joined the forerunner of MUFG Bank in 1986.

Mike said he began considering handing over his post at the holding firm after the company's executive nominating committee raised concern over possible conflict of interest between the holding company and the unit bank.

The group also said Iwao Nagashima, 56, will be promoted to president of another major unit, Mitsubishi UFJ Trust and Banking Corp., from vice president in April.

==Kyodo

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