MUFG completes sale of MUFG Union Bank, N.A. to U.S. Bancorp

NEW YORK, Dec. 1, 2022 /PRNewswire/ -- Mitsubishi UFJ Financial Group (NYSE: MUFG) today announced that it has completed the sale of MUFG Union Bank's core regional banking franchise to U.S. Bancorp (NYSE: USB), following approvals from banking regulators in the U.S. and Japan.

Under the terms of the definitive agreement announced in September 2021, U.S. Bancorp purchased MUFG Union Bank for $5.5 billion in cash and approximately 44 million shares of U.S. Bancorp common stock. At transaction close, MUFG holds a minority stake of approximately 3% in U.S. Bancorp. As previously disclosed, the transaction excludes the purchase of MUFG Union Bank's Global Corporate & Investment Bank, certain middle and back-office functions, and other assets.

"We are very pleased to bring the sale to completion, which enables MUFG to increase our focus and direct our resources on accelerating growth in our Americas wholesale businesses," said Kevin Cronin, MUFG Americas CEO and Regional Executive. After the close of the sale, MUFG remains one of the largest foreign banking organizations in the U.S.

MUFG's Americas operations, including its offices in Latin America and Canada, are primarily organized under MUFG Bank, Ltd., and are focused on Global Corporate & Investment Banking, Japanese Corporate Banking, and Global Markets. Among MUFG's key products are Debt Capital Markets, Working Capital Solutions, Transaction Banking, Fixed Income Markets, and Corporate Advisory. More information regarding MUFG's specific products and services can be found at mufgamericas.com.

MUFG's Americas operations, including its offices throughout Latin America and Canada, are primarily organized under MUFG Bank, Ltd., and are focused on Global Corporate & Investment Banking, Japanese Corporate Banking, and Global Markets, which includes MUFG Securities Americas, Inc. (MUSA), a registered securities broker-dealer.  Key products include: Debt Capital Markets, Working Capital Solutions, Transaction Banking, Fixed Income Markets, and Corporate Advisory.

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. The Group has about 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to "be the world's most trusted financial group" through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, including locations, banking capabilities and services, career opportunities, and more, visit www.mufgamericas.com.

This communication contains forward-looking statements. We use words such as expects, intends, and similar expressions to identify forward-looking statements. Actual results could differ materially from those projected or forecast in the forward-looking statements. MUFG assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

Press Contact: Daniel Weidman
Email: [email protected] 

SOURCE MUFG

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