Chemical Bank, New York, said it plans to elect Shohei Yamada president of Chemical Trust and Banking Co. Ltd. (Japan), its wholly owned subsidiary based in Tokyo.

He will succedd Akira Takahashi, who plans to retire from the company at its June 25 shareholder meeting.

Mr Yamada is chairman of Mitsui Trust Bank (U.S.A.) New York and adviser to the parent in Tokyo, Mitsui Trust and Banking Co. Ltd.

He joined Mitsui in 1953 and became deputy president in 1989.

Chemical Trust and Banking is one of nine foreign-owned trust banks operating in Japan. For the fiscal year that ended March 31, the company reported total entrusted assets outstanding of $3.5 billion.

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