TOKYO- Bank of Tokyo-Mitsubishi UFJ said Wednesday that it will promote Deputy President Kanetsugu Mike, 60, to its new president on June 14 to succeed Takashi Oyamada.

The move, which comes only about a year after Oyamada, 61, assumed the post, is due to his health problem, according to the unit of Mitsubishi UFJ Financial Group Inc., one of Japan's three megabank groups.

Mitsubishi UFJ President Nobuyuki Hirano, 65, told a press conference that work to find Oyamada's successor started after he admitted in February that he was not in good shape.

Mike joined Mitsubishi Bank, now Bank of Tokyo-Mitsubishi UFJ, in 1979, the same year for Oyamada. Mike worked mainly in management planning and system-related divisions before assuming his current post in May last year.

Having served as chairman of Mitsubishi UFJ's US holding company, Mike is also versed in international operations.

Speaking on the sudden appointment, Mike said, "I cannot escape if someone has to take over the president's resolve to improve this bank." Mike will double as deputy chairman of Mitsubishi UFJ. (Jiji Press)