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Megabank SMFG to promote Jun Ohta to president

Chief financial officer will replace Takeshi Kunibe, who will be chairman

Sumitomo Mitsui Banking Corp. anchors Sumitomo Mitsui Financial Group.   © Reuters

TOKYO -- Sumitomo Mitsui Financial Group, one of Japan's three megabank groups, is preparing to name Jun Ohta, deputy president and executive officer, as the new president effective April 1, Nikkei has learned.

Ohta, 60, has supported President Takeshi Kunibe, 64, in his multiple roles that include chief financial officer and chief strategic officer. Kunibe is expected to become chairman after overseeing the group's reorganization.

The change is expected to be made official soon. Makoto Takashima, 60, will remain the president of the group's core bank division, Sumitomo Mitsui Banking Corp.

Ohta has a wealth of experience in project finance for investment banking.

Deputy President Jun Ohta, who is slated to be the group's next president. (Photo courtesy of Sumitomo Mitsui Financial Group)

Kunibe took the reins of SMBC in 2011 and became president of SMFG in 2017.

The group has undergone a reorganization during his tenure, making Sumitomo Mitsui Card a wholly owned subsidiary and switching Sumitomo Mitsui Finance and Lease from a consolidated subsidiary to a jointly owned company with Sumitomo Corp.

Kunibe also has served as a vice chair of the Japan Business Federation, a powerful lobby known as Keidanren, since June 2016.

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