CVC picks ex-SMBC banker as Japan president
Europe's top private equity group eyes faster pace of Japanese deals
TOKYO -- The Japanese arm of U.K.-based CVC Capital Partners is set to welcome a former deputy president of Sumitomo Mitsui Banking Corp. as its president, it was learned.
The decision by Europe's largest private equity firm to hire Nobuaki Kurumatani will be announced as early as Tuesday. This would mark the first time for a Japanese megabank executive to go straight to a top position in the investment industry.
CVC operates in over 20 countries, ranking among the world's top players in the private equity industry. It entered the Japanese market in 2000 and has invested in one company every two years or so.
CVC aims to increase the pace of its deals in Japan to at least 100 billion yen ($894 million), or one to two companies a year. It had been looking for a high-ranking bank executive well-versed in the Japanese market.
Until last month, Kurumatani was serving as deputy president at both SMBC, where he headed the investment banking unit, and its parent, Sumitomo Mitsui Financial Group.
In Japan, it is rare for an executive of a major financial institution to switch to an investment fund, though such cases started to crop up in the 2000s.