In a bid to strengthen its reconstruction, Yasuda Trust & Banking Co. will accept Kazuhiko Kasai, vice president of Fuji Bank, as new chairman with authority to represent the company, the trust bank announced Wednesday.
Yasuda Trust informally appointed Kasai as an adviser the same day. He will become chairman upon approval at a Yasuda Trust stockholders' meeting scheduled in June. Yasuda Trust and Fuji Bank are both in the Fuyo business group, which is determined to support the trust bank.
Yasuda's market credibility declined amid the current financial system crisis, and the firm has already announced restructuring packages. Meanwhile, Yasuda Vice President Takahiko Kiminami will replace President Masami Tachikawa on April 1, the trust bank said.
Tachikawa, who has served as president for nearly six years, told reporters, "I thought we had to start anew toward the 'Big Bang' (financial reforms)."
Kiminami said the trust bank will concentrate on property custody and fund management business during its restructuring. Four financial institutions in the Fuyo group -- Yasuda Trust, Fuji Bank, Yasuda Mutual Life Insurance Co. and Yasuda Fire & Marine Insurance Co. -- are prepared to strengthen their ties and streamline their overlapping businesses.
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