Mitsubishi UFJ Financial Group (MUFG) has named Colin Richmond-Wells as managing director and head of transaction banking for Oceania.

Based in Sydney, Richmond-Wells will be responsible for enhancing MUFG’s transaction banking business in Australia and New Zealand, which includes cash management and trade finance, and will be helped to transition into the role by his predecessor Masatake Aoki.

He’ll report to Hideki Nakashiro, regional head for MUFG Oceania, as well as MUFG’s regional head of transaction banking for Asia Oceania region, Vivek Batra.

Richmond-Wells moves from HSBC, where he served in a few different roles, first in Sydney – since 2007 – and then in London – since 2010 – including most recently as managing director and global head of client management for global liquidity and cash management.

Prior to HSBC, Richmond-Wells worked at Citigroup in Australia and New Zealand for nearly a decade, serving for both the global consumer bank, as well as the corporate and investment division.

In a statement, MUFG says: “Transaction banking is a core area of focus for the bank, and Richmond-Wells’ appointment reflects the bank’s strong desire to significantly expand this business through increased cross-sell and product capability for its global and regional corporate clients as well as for its Japanese corporates.”