Former Mitsubishi banking executive to head new fund emerging from Development Network Corp. of Japan revamp

Previous bank executive Masaaki Tanaka will head a brand-new entity emerging from the prepared reorganization of Development Network Corp. of Japan, a public-private mutual fund, the market ministry said Tuesday.The 65-year-old previous deputy president of Mitsubishi UFJ Financial Group Inc., currently a Financial Solutions Company councilor, will take the post of president after a remarkable meeting of investors of Japan Financial investment Corp., the brand-new body, this fall.Masahiro Sakane, 77, advisor to machinery-maker Komatsu Ltd., will

work as chairman of the new company’s board.The ministry hopes that the fund will boost financial investment in info technology and other growing

fields after the reorganization under the leadership of Tanaka and Sakane, both with competence in investment and management in and outside the country.Current INCJ supervisors are anticipated to continue handling the impressive financial investments in Japan Display Inc. and other

companies.Industry minister Hiroshige Seko informed a press conference after a Cabinet meeting that he is confident that Tanaka and Sakane “will contribute to the creation of next-generation markets. “Tanaka signed up with Mitsubishi Bank, a predecessor of Mitsubishi UFJ Financial Group, in 1977 and ended up being deputy president of the holding company in 2012. He likewise assumed the post of senior global adviser of PricewaterhouseCoopers International Ltd. in 2016. LATEST SERVICE STORIES

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