Japan Bankers' Association Head: To Remain Chairman For Next 3 Months

The chairman of the Japanese Bankers' Association said Tuesday he will retain the post for the next three months as Mizuho Bank President Satoru Nishibori has said he can't take over the position as expected on April 1.

Mizuho has faced massive disruptions to its transactions settlement system and ATM operations since Tuesday.

Oku told reporters that Nishibori told him it was not the right time to take over the position amid the unprecedented disaster, asking Oku to remain in the position.

The chief of Japan's largest banking group said Nishibori is expected to take over the role after the situation has calmed down.

Mizuho's problems arose amid a surge in demand for cash as fears intensified over the radiation fallout from a nuclear plant damaged by the massive earthquake. Oku said he hopes Mizuho's problems "will be stabilized swiftly."

Oku is also the president of Sumitomo Mitsui Banking Corp., the core banking unit of Sumitomo Mitsui Financial Group Inc. (8316.TO). The Japanese Bankers Association represents the country's commercial banks.

-By Atsuko Fukase, Dow Jones Newswires; 813-6269-2792; atsuko.fukase@dowjones.com

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