Mitsubishi UFJ Financial Group Inc., Japan's biggest publicly traded bank, Monday named Nobuyuki Hirano as president of its banking unit, replacing Katsunori Nagayasu.
Hirano will lead Bank of Tokyo-Mitsubishi UFJ Ltd., where he has served as deputy president, from April 1, according to a statement released in Tokyo. Nagayasu, who is president of Mitsubishi UFJ, will become chairman of the banking subsidiary.
Japan's largest banks are expanding in Asia and broadening services to make up for weakening loan demand at home.
Mitsubishi UFJ wants to become one of the region's three biggest lenders by profit via acquisitions, funding infrastructure projects and expanding retail banking, Deputy President Tatsuo Tanaka said this month.
Hirano, a 38-year veteran, said last July that MUFG may focus more on transaction banking and asset management as stricter global capital rules make lending businesses less attractive.
"We are one of the big players already in Japan, but our global presence in the asset management area is somewhat behind," Hirano said in an interview on July 8. "We believe that's a growing and promising industry."