MUFG AMERICAS HOLDINGS CORPORATION INCREASES REFERENCE RATE FOR PRIMARY SUBSIDIARY

Rhea-AI Summary

MUFG Americas Holdings Corporation announced an increase in the reference rate for its primary subsidiary, MUFG Union Bank, N.A., to 7.00 percent from 6.25 percent, effective November 3, 2022. This decision reflects the ongoing adjustments in interest rates amidst changing economic conditions. As of June 30, 2022, MUFG had total assets of $342.4 billion, with its Americas division holding $152.5 billion in assets. The bank offers a wide range of financial services across its 297 branches mainly located in the West Coast states.

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• None.

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• Potential impact on customer borrowing costs due to increased reference rate.

NEW YORK, Nov. 2, 2022 /PRNewswire/ -- MUFG Americas Holdings Corporation, parent company of San Francisco-based MUFG Union Bank, N.A. (the Bank), today announced that effective November 3, 2022, the Bank's reference rate will increase to 7.00 percent from 6.25 percent.

About Mitsubishi UFJ Financial Group, Inc.'s U.S. Operations including MUFG Americas Holdings Corporation

The U.S. operations of Mitsubishi UFJ Financial Group, Inc. (MUFG), one of the world's leading financial groups, has total assets of $342.4 billion at June 30, 2022. As part of that total, MUFG Americas Holdings Corporation (MUAH), a financial holding company, bank holding company, and intermediate holding company, has total assets of $152.5 billion at June 30, 2022. MUAH's main subsidiaries are MUFG Union Bank, N.A. and MUFG Securities Americas Inc. MUFG Union Bank, N.A. provides a wide range of financial services to consumers, small businesses, middle-market companies, and major corporations. As of June 30, 2022, MUFG Union Bank, N.A. operated 297 branches, consisting primarily of retail banking branches in the West Coast states. MUFG Securities Americas Inc. is a registered securities broker-dealer which engages in capital markets origination transactions, domestic and foreign debt and equities securities transactions, private placements, collateralized financings, and securities borrowing and lending transactions. MUAH is owned by MUFG Bank, Ltd. and Mitsubishi UFJ Financial Group, Inc. MUFG Bank, Ltd., a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc., has offices in Argentina, Brazil, Chile, Colombia, Peru, Mexico, and Canada. Visit www.unionbank.com or www.mufgamericas.com for more information.

Investor Relations:
Stan Cecala
212-782-5629

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SOURCE MUFG Americas Holdings Corporation

FAQ

What is the new reference rate for MUFG Union Bank, N.A. effective November 3, 2022?

The new reference rate for MUFG Union Bank, N.A. is 7.00 percent.

Why did MUFG Americas Holdings Corporation increase its reference rate?

The increase in the reference rate reflects ongoing adjustments in interest rates due to changing economic conditions.

What were the total assets of MUFG Americas Holdings Corporation as of June 30, 2022?

As of June 30, 2022, MUFG Americas Holdings Corporation had total assets of $152.5 billion.

How many branches does MUFG Union Bank, N.A. operate?

MUFG Union Bank, N.A. operates 297 branches primarily located in the West Coast states.

What are the financial services offered by MUFG Union Bank, N.A.?

MUFG Union Bank, N.A. provides a wide range of financial services to consumers, small businesses, middle-market companies, and major corporations.