The state-owned financial services and postal group has added a senior former Goldman Sachs manager as it gets ready to float on the stock market.

Japan Post Holdings, the banking, insurance and postal services business that is to be privatised, has appointed Katsunori Sago, a former Goldman Sachs executive in the country, as head of asset management at its banking unit, Bloomberg reported.

Sago starts in his post this week. He will oversee the bank’s assets as it reduces holdings of government bonds to increase returns in preparation for an initial public offering scheduled for later this year, possibly as soon as September.

Sago has worked in Japan at Goldman Sachs for about 22 years, the report said; he held the role of deputy president before stepping down last June to serve as an advisor and vice chairman before leaving the US firm.

The report noted that former Citigroup executive Masatsugu Nagato has joined Japan Post Bank as its president.