An “increasingly desperate” Japanese government is scrambling to find a new president for its state-run bank and insurance group Japan Post, according to the Financial Times. 

The paper reported this morning “months” of searching had failed to produce a suitable candidate, with the recruitment campaign now entering an “urgent” phase ahead of an initial public offering in November. 

The group is looking to raise ¥1.5tn (£8.2bn).

According to Financial Times sources, a new round of meetings regarding the group’s leadership would begin this week. 

The recruiting committee is looking to fill other seats on the board too. These positions were not named.