The new structure is aimed at positioning BTMU’s US operations for increased growth in the US market and strengthens its overall US governance structure by creating closer alignment between both companies.
Under the leadership of BTMU chief executive for the Americas Masaaki Tanaka, the new holding company will encompass BTMU’s exclusive interests in the US, namely BTMU headquarters for the Americas and Union Bank, covering both wholesale and retail banking.
Tanaka said this new structure will enable them to be more nimble and flexible in responding to US market opportunities and provide better governance to make the decisions necessary to achieve the company’s aggressive growth plans.
"Under single leadership, BTMU Headquarters for the Americas and Union Bank will be able to develop an even stronger and more robust relationship, enabling us to foster tighter business collaboration and leverage operational efficiencies over time." Tanaka added.
Union Bank president and CEO Masashi Oka will take on the additional role of co-chief operating officer for the Americas of BTMU.
Union Bank will remain a wholly owned subsidiary of BTMU and will maintain its status as a national bank.
As part of the new structure, Oka will report to Tanaka. Tanaka will also serve as the other co-chief operating officer for the Americas of BTMU.
