Mitsubishi UFJ Financial Group has brought its two American subsidiaries under one roof.
The company has created a virtual holding company to oversee the North and South American operations of its two subsidiaries: Bank of Tokyo-Mitsubishi UFJ (BTMU), based in New York City, and the $96 billion-asset Union Bank, based in San Francisco. The holding company, BTMU Americas Holdings will be overseen by a newly formed executive committee, the company announced Monday.
The committee will be made up of BTMU and Union Bank executives, and will be led by Masashi Oka, BTMU's chief executive for the Americas.
It will include Ranjana Clark, head of transaction banking; Kevin Cronin, head of U.S. corporate banking; Toshi Motoshita, head of Asian corporate banking; Michael Stedman, head of commercial banking and real estate; Tim Wennes, head of retail banking and wealth markets; and Johannes Worsoe, head of investment banking and markets.
Of the six committee members, only Clark is a new hire. She joined Union Bank in June from Paypal, where she was chief customer and marketing officer.
In addition, Katsumi Hatao, deputy CEO for the Americas at BTMU and BTMU Americas Holdings, will be made responsible for BTMU's wholesale banking business.
"Assembling these strong leaders into one combined management team will align our business units and amplify their capabilities across geographies and markets," Oka said in a news release. "This is a major step forward in BTMU's commitment to the Americas, including the U.S."
Separately, Union Bank announced the resignation of its vice chairman, John Erickson.
Erickson, 51, retired from his roles as vice chairman and chief corporate banking officer on Monday. He also resigned as a member of Union Bank's executive committee and from the management committee of Mitsubishi UFJ Financial.
Erickson will continue to serve as an advisor to Oka through June 2014.
Erickson has been with Union Bank since 1983. He was named vice chairman and chief corporate banking officer in 2009; previously, he was chief risk officer for the bank and UnionBanCal, its parent.
Erickson "has contributed immeasurably to the bank's success over three decades," Oka said. "He has consistently delivered increasing levels of earnings, served unselfishly as a leader and mentor, represented the company ably as a member of not-for-profit boards, and so much more."