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UNION BANK CEO TO ASSUME NEW POSITION AT PARENT COMPANY
For Immediate Release
Stephen L. Johnson
Daniel W. Weidman
Union Bank CEO to Assume New Position at Parent Comany; Will be Succeeded by Former Vice-Chairman as President and CEO
SAN FRANCISCO, May 18, 2010 -- Effective on July 28, Masaaki (Masa) Tanaka will leave his current position as President and CEO of Union Bank to become CEO for the Americas for the Bank of Tokyo-Mitsubishi UFJ (BTMU) while remaining as a director of UnionBanCal and Union Bank. He will be succeeded as President and CEO of Union Bank by Masashi Oka, who formerly served as a Vice Chairman.
BTMU is Union Bank's parent company and its Headquarters for the Americas is located in New York City. Tanaka's new job as the CEO for the Americas involves leadership responsibilities for offices in Canada, Mexico, Chile, Argentina, Venezuela, Colombia and Brazil in addition to numerous offices in the U.S. Tanaka will be officially named CEO for the Americas on June 28 while continuing as President and CEO of Union Bank until July 28 in order to provide an ample period for uninterrupted transition to Oka. On June 28, Tanaka will also be nominated Resident Managing Officer for the U.S. of Mitsubishi UFJ Financial Group (MUFG) with oversight responsibilities across MUFG's U.S. operations including Union Bank, in the area of risk management and compliance.
Since January 2010, Masashi Oka has served as BTMU's Managing Executive Officer and Group Head of Corporate and Investment Banking. Prior to that, he was General Manager of BTMU's Corporate and Investment Banking Strategy Division. Oka began his banking career at the Mitsubishi Bank, Ltd., a predecessor to BTMU. As Tanaka did, Oka also earned a master of law degree from the University of Michigan Law School in 1986.
Oka's experience in the United States dates back to 1986 when he succeeded Masa Tanaka at the former Bank of California - a Union Bank predecessor - in Los Angeles. After assignments in Tokyo, Oka returned to Union Bank in June 2005 where he served as Vice Chairman and as a member of the Board of Directors. In August 2007, Vice Chairman Oka was named Chief Risk Officer and led the effort to strengthen Union Bank's enterprise-wide risk management and compliance programs. Oka will join Union Bank on May 18, 2010 as Deputy President and will succeed Tanaka on July 28, 2010.
"We are especially pleased to welcome Masashi back to the Union Bank family," Tanaka said. "Masashi has deep and intimate knowledge about Union Bank and I am confident that he will lead the company to achieve its high aspirations for the future. Together, we will promote a closer working relationship between Union Bank and BTMU's Headquarters for the Americas. I am committed to providing him with the best possible support in my new capacity."
In a separate action, Tatsuo Tanaka will succeed Kyota Omori as Chairman of the Boards of Directors of Union Bank and UnionBanCal effective July 28, 2010. Tatsuo Tanaka is Deputy President and Chief Executive, Global Business Unit, BTMU.
About UnionBanCal Corporation and Union Bank, N.A.
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $85 billion at March 31, 2010. Its primary subsidiary, Union Bank, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. As of May 10, 2010, the bank has 397 banking offices in California, Oregon, Washington and Texas and two international offices. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world's largest financial organizations. Visit www.unionbank.com for more information.