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Japan Post Bank to tap ex-Goldman Japan exec as investment head-sources
May 28, 2015 / 5:11 AM / 2 years ago

Japan Post Bank to tap ex-Goldman Japan exec as investment head-sources

TOKYO, May 28 (Reuters) - Japan Post Holdings Co IPO-JAPP.T is set to name Katsunori Sago, a former deputy president of Goldman Sachs Japan, as head of asset management at its banking unit, a move that could accelerate its shift into foreign stocks and bonds, two people with knowledge of the plan said.

The state-owned mail and financial giant will announce the move on Friday, said the people, who declined to be identified because the appointment is not yet public. It is considering making him a vice president but will make a formal decision at a board meeting next month, they said.

Japan Post declined to comment.

Japan Post and its banking and insurance units plan to list separately on the Tokyo Stock Exchange this year.

The banking unit, Japan Post Bank, has been in the spotlight after it flagged a new investment strategy earlier this year to seek higher returns on its $1.7 trillion portfolio as a listed company. (Reporting by Taro Fuse; Writing by Chris Gallagher; Editing by William Mallard)

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