Mitsubishi UFJ's Former Chairman Tamakoshi to Join Morgan Stanley Board -Sources

Date : 07/18/2011 @ 3:12PM
Source : Dow Jones News
Stock : Mitsubishi Ufj Financial Grp., Inc. (MTU)
Quote : 6.3  0.0 (0.00%) @ 4:00AM

Mitsubishi UFJ's Former Chairman Tamakoshi to Join Morgan Stanley Board -Sources

Morgan Stanley (NYSE:MS)
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Ryosuke Tamakoshi, the former chairman of Mitsubishi UFJ Financial Group Inc. (MTU, 8306.TO), is expected to become a board member of Morgan Stanley (MS) as the second representative from the Japanese bank, according to people familiar with the matter.

Tamakoshi, 64, is set to be elected at Morgan Stanley's board meeting to be held in Tokyo on July 19 and 20, these people said. Morgan Stanley Chief Executive James Gorman and other board members are in Tokyo to attend the quarterly board meeting. The U.S. investment bank's executives and MUFG top executives plan to have several meetings during the two-day stay, confirming their alliance.

Sending globally experienced bankers such as Tamakoshi underscores MUFG's efforts to keep a certain influence at the Morgan Stanley board.

In June, MUFG, Japan's largest bank by assets, changed its 22% stake ownership from preferred shares with a dividend to common shares. MUFG's revised partnership with the U.S. financial giant leaves it with 22.4% of the voting rights in Morgan Stanley and two seats on the board.

MUFG's two directors on the Morgan Stanley board means it is the first time a Japanese bank will carry serious clout in the management of a major Western financial institution.

Morgan Stanley already has one director from MUFG, Masaaki Tanaka, chief executive of the Americas at the Bank of Tokyo-Mitsubishi UFJ, who replaced Nobuyuki Hirano, deputy president of MUFG's core banking unit Bank of Tokyo-Mitsubishi UFJ, on the board in May.

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