Mitsubishi UFJ Trust & Banking Corp. is promoting Deputy President Iwao Nagashima to be its new president, The Nikkei reported on Jan. 16.

The report comes one day after The Nikkei reported the bank's parent, Mitsubishi UFJ Financial Group Inc., was naming its own deputy president, Hironori Kamezawa, as president and CEO, replacing Kanetsugu Mike.

Both financial institutions issued news releases saying the reports did not come from official announcements, adding they would make prompt statements about any leadership changes once confirmed.

Nagashima, 56, will replace Mikio Ikegaya, who will become chairman with right to representation, the report said.