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UPDATE: Mitsubishi UFJ Financial names banking unit's head as new president/CEO

Mitsubishi UFJ Financial Group Inc. named Kanetsugu Mike president and group CEO, confirming earlier media reports on the appointment.

Mike is the president and CEO of the company's MUFG Bank Ltd. unit and the deputy chairman of the parent company's board.

President and Group CEO Nobuyuki Hirano will take on the role of chairman of the company's board, replacing Kiyoshi Sono. Sono will remain a member of the company's board, according to a Dec. 26 statement.

Mitsubishi UFJ Financial named Hironori Kamezawa deputy president. Kamezawa now serves as senior managing corporate executive.

The changes all take effect April 1, 2019.

Media reports by news outlets including Reuters and The Nikkei on Dec. 25 cited sources as saying that Mike is expected to be named president and CEO of the parent company. He will continue to serve as head of MUFG Bank following the change, at least on a temporary basis, to maintain customer relationships at the banking unit, The Nikkei said.