Tatsuo Tanaka to Retire as Citi Japan Chairman, Vice Chairman Fumiaki Kurahara Appointed as Next Chairman

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TOKYO–(BUSINESS WIRE)–Citi announced that Citi Japan Chairman Tatsuo Tanaka will retire on December 31, 2020 and has appointed Fumiaki Kurahara, current Vice Chairman to succeed as Chairman on January 1, 2021. Tanaka will retire from his role as Director, Chairman of Citigroup Japan Holdings Corp.(CJH), Citigroup Global Markets Japan Inc. (CGMJ), and Citibank N.A. Tokyo Branch (CBNA Tokyo). He will continue to stay on as a Senior Advisor to Citi Japan.

Chairman Tanaka has spent 47 years in the industry and eight years of dedicated service to Citi. Chairman Tanaka joined Citi as a Director, Chairman CJH in 2012. He was also appointed as a Director (non-executive) of CGMJ in the same year and a Director, Chairman (non-executive) of Citibank Japan Ltd. in 2015. Since 2017, he has been a Director, Chairman of CGMJ and CBNA Tokyo. Chairman Tanaka oversaw the CGMJ Board and helped strengthen our control and governance capability. Prior to joining Citi, Chairman Tanaka was Deputy President of Bank of Tokyo-Mitsubishi UFJ, Representative Director and Deputy President of Mitsubishi UFJ Financial Group and also served as Chairman of the Board of Union Bank N.A.

Vice Chairman Kurahara joined Citi Japan last October from Sumitomo Mitsui Financial Group (SMFG) where he was the President and CEO of SMBC Trust Bank Ltd. Prior to that, he was the Deputy President and Board Member of Sumitomo Mitsui Banking Corporation (SMBC). In SMFG, he has worked internationally and was responsible for the Wholesale Banking Unit and Structured Finance Unit.

Lee Waite, Citi Country Officer for Japan commented, Throughout his tenure with us, Chairman Tanaka has always acted in the best interest of Citi and shown to be a true leader and asset to our franchise. His business wisdom and management insights have been critical in building and establishing our business model and enhancing our relationship with our clients. He also played an instrumental role in our relationship with the regulators in respect to our governance structure and has always been great counsel for the senior management at Citi Japan. I am grateful for Chairman Tanakas many contributions to Citi and wishing him all the best as we continue to work with him in his new advisory capacity.

As Vice Chairman for the year, Kurahara has already contributed to Citi Japan based on his senior client network and experience over a 36-year banking career. I have enjoyed working with Vice Chairman Kurahara, whose deep understanding of the financial business has served us well, and I am looking forward to working together with him in his new responsibilities as the Chairman of Citi Japan.

About Citi:

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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