Shinsei Bank Vice Chairman Thierry Porte will become its new president, succeeding Masamoto Yashiro, who will give up the presidency but retain his concurrent post of chairman, Shinsei Bank said Thursday.
The appointment will be formalized at a board meeting to be held after a general shareholders meeting in late June, the bank said.
Porte, 47, joined Shinsei Bank in November 2003 as vice chairman after working for about 20 years at the global financial services firm Morgan Stanley. He had led Morgan Stanley Japan Ltd. since September 1995.
Yashiro, 75, assumed the posts of chairman and president of Shinsei Bank when it was reborn from the failed Long-Term Credit Bank of Japan in March 2000.