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MUFG Announces December 1 Closing Date of the Sale of MUFG Union Bank to U.S. Bancorp
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
On September 21, 2021, MUFG announced the sale of MUFG Union Bank, N.A. to U.S. Bancorp (USB). The expected closing date was initially set for the first half of 2022 but was later adjusted to December 1, 2022, after securing necessary regulatory approvals by October 19, 2022. The financial impact of this transaction is still under evaluation, with commitments to report significant findings promptly.
Positive
Secured regulatory approvals for the sale of MUFG Union Bank.
Completion of the sale is anticipated by December 1, 2022, enhancing focus on MUFG's core operations.
Negative
Financial impact of the sale on MUFG is currently unknown and under evaluation.
TOKYO & NEW YORK--(BUSINESS WIRE)--
On September 21, 2021,MUFG and MUFG Bank, a core banking subsidiary ofMUFG, announced an agreement[1] to sell all shares of MUFG Union Bank, N.A. (“MUB”), MUFG’s subsidiary owned through MUFG Americas Holdings Corporation to U.S. Bancorp (“USB”). MUFG further announced on May 15, 2022that an expected closing date has been changed from the first half to the second half of CY2022[2].
As of October 19, 2022, all required regulatory approvals to complete the sale of MUB and related transactions contemplated by the Share Purchase Agreement have been obtained. Accordingly, MUFG today announced that the closing of MUFG’s sale of MUB to USB is expected to occur on December 1, 2022, subject to the satisfaction or waiver of the remaining closing conditions set forth in the Share Purchase Agreement.
The impact of the sale of MUB on MUFG’s financial statements is currently under evaluation, and if any event which should be disclosed occurs, it will be reported promptly.
This communication contains forward-looking statements. We use words such as expects, intends, and similar expressions to identify forward-looking statements. Actual results could differ materially from those projected or forecast in the forward-looking statements. MUFG assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
About MUFG
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,400 locations in more than 50 countries. The Group has about 170,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english.
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.
About MUFG Union Bank, N.A.
As of June 30, 2022, MUFG Union Bank, N.A. operated 297 branches, consisting primarily of retail banking branches in the West Coast states. We provide a wide spectrum of corporate and retail banking and wealth management solutions to meet the needs of our clients. We also offer an extensive portfolio of value-added solutions for clients, including investment banking, personal and corporate trust, global custody, transaction banking, capital markets, and other services. With assets of $124.7 billion, as of June 30, 2022, MUFG Union Bank has strong capital reserves, credit ratings, and capital ratios relative to peer banks. MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE: MUFG), one of the world’s largest financial institutions with total assets of approximately ¥386.9 trillion (JPY) or $2.8 trillion (USD)[3], as of June 30, 2022. The corporate headquarters (principal executive office) for MUFG Americas Holdings Corporation, which is the financial holding company, and MUFG Union Bank, is in New York City. The main banking office of MUFG Union Bank is in San Francisco, California.
[3]
Exchange rate of 1 USD=¥136.68 (JPY) as of June 30, 2022
MUFG Bank, Ltd. Toshinao Endou +81-3-3240-1111
Managing Director, Head of Documentation & Corporate Secretary Department
Corporate Administration Division
Source: MUFG Bank, Ltd.
FAQ
What is the expected closing date for MUFG's sale of Union Bank?
The expected closing date is December 1, 2022.
What regulatory approvals have been obtained for MUFG Union Bank's sale?
All required regulatory approvals have been obtained as of October 19, 2022.
Which company is acquiring MUFG Union Bank?
MUFG Union Bank is being acquired by U.S. Bancorp (USB).
What is the significance of the sale of MUFG Union Bank for MUFG?
The sale allows MUFG to focus on its core banking operations, although the financial impact is still being evaluated.
