Japan's MUFG to sell part of U.S. unit to US Bancorp for $7.3 billion - Nikkei [Reuters]
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Company Research
Source: Reuters
By Reuters Staff 2 Min Read TOKYO (Reuters) -Mitsubishi UFJ Financial Group (MUFG) plans to sell the personal banking arm of its U.S. unit MUFG Union Bank to US Bancorp in a cash and stock deal worth about 800 billion yen ($7.30 billion), the Nikkei daily reported on Tuesday. The payment will likely include US Bancorp shares as it also forms a capital alliance with the Japan’s biggest lender, the newspaper said, without citing its source. “Nothing has been decided,” an MUFG spokesperson said, when contacted for comment on the report. US Bancorp did not immediately respond to a request for comment outside regular business hours in the United States. Bloomberg reported the possible sale of MUFG Union Bank last week - a move that would mark a significant strategy shift for a lender that has had a presence in the United States for decades, but has recently said it wants to focus more on Asia. Japanese banks, including MUFG, have looked to expand overseas in a bid to boost profits because
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MUFG
Sec Filings
- 4/17/24 - Form 6-K
- 4/9/24 - Form 424B2
- 4/9/24 - Form FWP
- MUFG's page on the SEC website