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

NEW YORK, Dec. 1, 2022 /PRNewswire/ -- Mitsubishi UFJ Financial Group (MUFG" href="/company/MUFG" onmouseover="handlePagePreview('company','MUFG')" style="color:#4007a2 !important; text-decoration:underline !important; font-weight:bold;">NYSE: MUFGMUFG-pp">) 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 Americas