The CEO of Mitsubishi UFJ Financial Group’s main banking arm, MUFG Bank, apologized Monday over the theft, allegedly by a managerial employee, of valuables worth over ¥1 billion ($6.5 million) from the safe deposit boxes of multiple clients over a span of four and a half years.
The valuables being taken from the bank’s safe deposit boxes has dealt a blow to public confidence in the megabank.
“We solemnly recognize this as a matter that shakes the very foundation of trust and confidence, which are the core of the banking business,” said Junichi Hanzawa, who bowed deeply at the first news conference since the crime was uncovered.