Executives at a leading Japanese bank apologized and took pay cuts on Thursday after police arrested an employee who allegedly stole about 1.4 billion yen ($9 million) worth of valuables from customers’ safe deposit boxes.

A former employee of the MUFG Bank has been arrested for allegedly stealing 20 kilograms of gold bullion worth 260 million yen (US$1.6 million) from customers’ safe deposit boxes.

A former employee of MUFG Bank was arrested Tuesday over the alleged theft of valuables from customers' safe deposit boxes, police said. Yukari Imamura, 46, is suspected of stealing around 20 kilograms of gold bars worth around 260 million yen deposited by two male customers at the bank's Nerima

TOKYO (Kyodo) -- A former employee of MUFG Bank was arrested Tuesday over the alleged theft of valuables from customers' safe deposit boxes, police investigative sources said.

Mitsubishi UFJ Financial Group said its banking unit chief and other senior executives will take pay cuts to take responsibility for the theft of millions of dollars from customers’ safe deposit boxes.

The bank is also strengthening its safe deposit box checks and procedures. Five senior executives of MUFG, including its board chairman and CEO, are taking up to a 30% pay cut for three months following an incident where an ex-employee stole from safe deposit boxes.

Yukari Iwamura was arrested after she allegedly stole valuables including gold bars from the safe deposit boxes of customers.