New York, February 9, 2021 – Mitsubishi UFJ Financial Group (“MUFG”), a leading global financial group, today announced that Kevin P. Cronin has been appointed Regional Executive for the Americas for MUFG and MUFG Bank, Ltd., its primary banking subsidiary, and President and CEO of MUFG Americas Holdings Corporation and MUFG Union Bank, N.A., effective March 31, 2021. Mr. Cronin will succeed Stephen E. Cummings as the senior-most executive in the Americas for MUFG. Mr. Cummings previously announced in September 2020 that he will retire from his current position at the end of March. Mr. Cronin will become a member of the Board of Directors of MUFG Americas Holdings Corporation and MUFG Union Bank, and he will be based in New York.
MUFG, the world’s fifth largest financial institution with approximately $3.3 trillion in total assets, has a significant presence in the Americas, providing a wide range of financial services to consumers, small businesses, middle-market companies, and major corporations through its three brands: MUFG, Union Bank, and PurePoint Financial. MUFG is committed to its strategy to build a scalable, profitable, and trusted banking platform in the Americas, led by executives from the market for continuity of client relationships and understanding of the regulatory environment.
“As we move into the next chapter of MUFG’s growth, we are very pleased to have Kevin lead our Americas franchise,” said Kazuo Koshi, Executive Chairman of the Board of Directors. “In addition to having spent the past decade leading and building various business lines at MUFG, Kevin inspires loyalty in teams, has an unwavering dedication to diversity and inclusion efforts, drives financial performance while operating safely and soundly, and delivers for our clients. Kevin’s tenure at MUFG, spanning both wholesale and regional banking, and his extensive knowledge of our business, will ensure the continuity of transformational initiatives underway to position MUFG Americas for compelling and strategic growth.
On behalf of the Board of Directors, I would like to thank Steve for his leadership and partnership the past six years and, of course, to congratulate Kevin as we embark on the next phase of growth.”
“MUFG Union Bank has been my home for the past decade, and it is both an honor and a privilege to lead our Americas business. The firm’s client-centric approach continues to drive our strategy, and I look forward to building on our strong momentum and taking MUFG to the next phase of growth in the Americas,” said Mr. Cronin. “I would like to thank the Board of Directors for their confidence in me, my MUFG colleagues for their support over the years, and Kaz, Steve and the rest of the leadership team for their partnership. I am excited to lead the business forward and to continue to build on our strong foundation in the Americas by engaging with our employees, our clients, and members of the communities that we support.”
“It has been a privilege to lead MUFG in the Americas for the past six years. In addition to having worked with a group of talented and dedicated individuals, I am very proud of the progress we have made on several fronts, including transforming our core bank processes and enhancing our technology platform,” said Mr. Cummings. “I congratulate Kevin for his terrific partnership over the years and wish him the best as he continues to build on MUFG’s strong foundation and take the company to the next level of growth and success.”
Mr. Cronin was most recently the Head of MUFG’s Global Corporate and Investment Bank in the Americas (GCIB). GCIB manages client relationships across all major industry verticals and delivers a full suite of corporate lending, structured lending, capital markets, and transaction banking capabilities to large and mid-corporate clients. Recently, the group added coverage of Financial Sponsors and is continuing to build out its leveraged finance capabilities to serve that client segment. Under Mr. Cronin’s leadership, GCIB has produced consistent growth, becoming an increasingly important earnings contributor to MUFG in the Americas and globally.
Mr. Cronin is also very committed to MUFG’s Inclusion and Diversity (I&D) efforts. He is a member of the Executive I&D Council, was the Executive Sponsor of PULSE (African American/Black Employee Resource Group) from 2015 through 2019 and has been the Executive Sponsor of SERVE (Veterans’ Employee Resource Group) since 2019.
Prior to joining MUFG in 2011, Mr. Cronin spent more than 20 years at Bank of America and its predecessor firms, where he held senior roles leading U.S. corporate banking, transaction banking, and loan syndications. He was also a member of the merger integration team following the acquisition of Merrill Lynch. Mr. Cronin began his career at Union Bank as a middle-market commercial loan officer and is excited and honored to now have the opportunity to lead the bank as its CEO.
Mr. Cronin holds a BS in Business Administration from Boston University and an MBA from Babson College.
About Mitsubishi UFJ Financial Group, Inc.’s U.S. Operations including MUFG Americas Holdings Corporation
The U.S. operations of Mitsubishi UFJ Financial Group, Inc. (MUFG), one of the world’s leading financial groups, has total assets of $339 billion at September 30, 2020. As part of that total, MUFG Americas Holdings Corporation (MUAH), a financial holding company, bank holding company, and intermediate holding company, has total assets of $164 billion at September 30, 2020. MUAH’s main subsidiaries are MUFG Union Bank, N.A. and MUFG Securities Americas Inc. MUFG Union Bank, N.A. provides a wide range of financial services to consumers, small businesses, middle-market companies, and major corporations. As of September 30, 2020, MUFG Union Bank, N.A. operated 348 branches, consisting primarily of retail banking branches in the West Coast states, along with commercial branches in Texas, Illinois, New York, and Georgia. MUFG Securities Americas Inc. is a registered securities broker-dealer which engages in capital markets origination transactions, domestic and foreign debt and equities securities transactions, private placements, collateralized financings, and securities borrowing and lending transactions. MUAH is owned by MUFG Bank, Ltd. and Mitsubishi UFJ Financial Group, Inc. MUFG Bank, Ltd., a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc., has offices in Argentina, Brazil, Chile, Colombia, Peru, Mexico, and Canada. Visit www.unionbank.com or www.mufgamericas.com for more information.
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with more than 360 years of history, MUFG has a global network with over 2,600 locations in more than 50 countries. The Group has over 180,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. Visit https://www.mufg.jp/english for more information.