MUFG AMERICAS HOLDINGS CORPORATION INCREASES REFERENCE RATE FOR PRIMARY SUBSIDIARY

Rhea-AI Summary

MUFG Americas Holdings Corporation announced a reference rate increase for its subsidiary MUFG Union Bank, N.A., effective March 17, 2022. The rate will rise from 3.25 percent to 3.50 percent. This decision aligns with broader trends in the financial sector, reflecting interest rate adjustments in response to economic conditions. MUFG Americas Holdings, part of Mitsubishi UFJ Financial Group, Inc., oversees assets totaling $164.6 billion and operates 298 branches primarily on the West Coast.

Positive

• Increase in reference rate to 3.50%, potentially enhancing profit margins for MUFG Union Bank.

Negative

• None.

NEW YORK, March 16, 2022  /PRNewswire/ -- MUFG Americas Holdings Corporation, parent company of San Francisco-based MUFG Union Bank, N.A. (the Bank), today announced that effective March 17, 2022, the Bank's reference rate will be increased to 3.50 percent from 3.25 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 $319.8 billion at September 30, 2021. 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 $164.6 billion at September 30, 2021. 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 September 30, 2021, MUFG Union Bank, N.A. operated 298 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?

The new reference rate for MUFG Union Bank is 3.50%, effective March 17, 2022.

When will MUFG's reference rate increase take effect?

The reference rate increase will take effect on March 17, 2022.

What was the previous reference rate for MUFG Union Bank?

The previous reference rate for MUFG Union Bank was 3.25%.

What are the total assets of MUFG Americas Holdings Corporation?

MUFG Americas Holdings Corporation has total assets of $164.6 billion as of September 30, 2021.

How many branches does MUFG Union Bank operate?

MUFG Union Bank operates 298 branches primarily in the West Coast states.