Reuters: Regulatory News: Citibank Japan says to appoint SMFG executive as president

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Citibank Japan says to appoint SMFG executive as president Mar 30th 2012, 07:37 TOKYO, March 30 | Fri Mar 30, 2012 3:37am EDT TOKYO, March 30 (Reuters) - Citibank Japan Ltd said it will appoint Sumitomo Mitsui Financial Group director Kazuya Jono as its president and chief executive effective June 1, as it seeks to bolster its governance and management framework. Citibank Japan, a unit of Citibank NA, is working to rebuild its operations after it was hit by Japan's financial watchdog in January with its third penalty in eight years for regulatory violations. "Citi management and I consider Japan to be a strategically important market, and we look forward to working closely with Mr. Jono as part of our new management team in Japan," Citibank NA CEO Gene McQuade said in an internal memo seen by Reuters. McQuade was in Tokyo to announce the appointment. Jono's 35-year career at SMFG has included positions in corporate banking, retail banking and risk management. Peter Eliot, the current interim president and chief executive of Citibank Japan, will become president and CEO of Citigroup Japan Holdings from June 1.

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