Japan Custody Bank Finds Misconduct by Former Top Executive (1)

One of Japan’s largest custodian banks found improper conduct by its former top executive and is in contact with authorities for potential criminal offenses.

Custody Bank of Japan Ltd. didn’t identify the individual in a statement, but it’s Yoshikazu Tanaka, who was president of the company until the end of December, according to people familiar with the matter.

Attempts to reach Tanaka were unsuccessful. A spokesman for the bank declined to comment.

Jointly owned by major Japanese lenders and insurers, Custody Bank safeguards about 652 trillion yen ($4.7 trillion) of assets for investors.

The bank said it set ...