Mitsubishi Tokyo Financial Group (MTFG) said on Wednesday that the team of Mitsubishi group companies leading the restructuring plans for Mitsubishi Motors Corp. did not plan to ask for help from the state-backed corporate turnaround body.
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Asked if the group would apply to use the Industrial Revitalization Corp. of Japan for Mitsubishi Motors, Nobuo Kuroyanagi, who will become MTFG president in June, told Reuters: “We are not thinking about that for now.”
Kuroyanagi, currently a board director at Japan’s third-largest banking group, will succeed Shigemitsu Miki as MTFG president and as president of the group’s core unit Bank of Tokyo-Mitsubishi in June, the report said.
Reuters noted that, along with others in the Mitsubishi group, MTFG must quickly map out a restructuring plan for loss-making Mitsubishi Motors after DaimlerChrysler, which has a 37% stake in the carmaker, announced last week that it would no longer support it.
