Japan's MUFG to sell part of U.S. unit to US Bancorp for $8 billion [Reuters]
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Company Research
Source: Reuters
TOKYO (Reuters) -Mitsubishi UFJ Financial Group (MUFG) said it has agreed to sell the personal banking arm of its U.S. unit MUFG Union Bank to US Bancorp in a cash and stock deal worth $8 billion. The payment will include $5.5 billion in cash and 44 million US Bancorp shares, or a 2.9% stake, that will allow it to forge a capital alliance with the Japan's biggest lender, the banks said in a press release. The deal is expected to close by the end of June next year, they added. 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 ultra-low interest rates and a shrinking population in Japan have made it difficult to increase earnings at home. MUFG Union Bank had around 300 branches as of the end
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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