The international securities business of Japanese megabank MUFG named Yasutaka Suehiro as its new head of Asia on Wednesday.
Suehiro, a 28-year veteran of MUFG and the current deputy CEO of Mitsubishi UFJ Securities USA will also be the new CEO of Mitsubishi UFJ Securities Hong Kong.
Based in Hong Kong Suehiro will be responsible for the continued growth of MUFG’s securities business in the region, the bank said.
The move follows the decision of Trent Hagland, head of Asia and CEO of Mitsubishi UFJ Securities Hong Kong, to step down from his current positions and return to Australia for personal reasons, MUFG said in a statement.
Trent has been in Hong Kong in his current role for four years and at the firm for seven years.
Trent will join the board of directors as a non-executive director for Mitsubishi UFJ Securities Hong Kong and for Mitsubishi UFJ Securities Singapore effective April 29.
Suehiro and Hagland will work together over the next few months until the formal transition on April 29.
MUFG has deep roots in Asia dating back decades. The Bank of Tokyo, which merged with Mitsubishi Bank in 1996, was a particularly international organization among Japanese banks and had an extensive client roster in the region.
MUFG has been ramping up its international lending recently in Asia where there are faster growing companies than in its moribund domestic market.
