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Japan's Sumitomo Mitsui Financial Group said on Thursday it has appointed Deputy President and Executive Officer Toru Nakashima as its group CEO following the death of its previous head, Jun Ohta, last week. Nakashima's appointment will take effect on Friday, Japan's second-biggest lender said in a statement. Nakashima, 60, joined then-Sumitomo Bank in 1986 and had been Ohta's deputy since April.
TOKYO (Reuters) -Japan's Sumitomo Mitsui Financial Group said on Thursday it has appointed Deputy President and Executive Officer Toru Nakashima as its group CEO following the death of its previous head, Jun Ohta, last week. Nakashima's appointment will take effect on Friday, Japan's second-biggest lender said in a statement. Nakashima, 60, joined then-Sumitomo Bank in 1986 and had been Ohta's deputy since April.
Jun Ohta, the chief executive of Sumitomo Mitsui Financial Group and the driving force behind the bank’s recent wave of expansion in the US and south-east Asia, has died at the age of 65. Ohta’s death last week, which was announced by the company on Monday, followed a four-year stint at the top of SMFG, Japan’s second-biggest bank by market capitalisation, after a career rising through its ranks. As well as building its recent reputation for aggressive foreign expansion, Ohta steered the financial group through one of its most painful recent episodes: a scandal at its brokerage unit, SMBC Nikko over alleged market manipulation.