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Next MUFG Bank head Hanzawa known to shine in crisis

55-year-old rose through the ranks quickly by tackling difficult tasks

A signboard for MUFG Bank in Tokyo: the group is working to shift its focus on merit than seniority in its top appointments.   © Reuters

TOKYO -- The incoming head of MUFG Bank, the core banking unit of one of Japan's megabanks, ascended the corporate ladder quickly by showing he can produce results in difficult situations.

In a highly unusual move for the nation's seniority-focused banking industry, Mitsubishi UFJ Financial Group has finalized its decision to appoint Junichi Hanzawa as president of the banking unit over 13 higher-ranking executives.

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