An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
MUFG Announces Regulatory Approval From the U.S. Federal Banking Regulators for the Sale of MUFG Union Bank to U.S. Bancorp and Related Transactions
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
On September 21, 2021, MUFG announced an agreement to sell MUFG Union Bank, N.A. (MUB) to U.S. Bancorp (USB), pending regulatory approvals. On May 16, 2022, the expected closing date shifted to the second half of 2022 due to delays in the U.S. regulatory process. Recently, MUFG received necessary regulatory approvals from the Federal Reserve, Office of the Comptroller of the Currency, and FDIC. The final closing date is yet to be announced but will be revealed at least 30 days in advance.
Positive
Regulatory approvals received from key authorities, moving the sale closer to completion.
Negative
Shift in expected closing date to the second half of CY2022 indicates delays in the transaction.
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 (“MUAH”), to U.S. Bancorp (“USB”), pending receipt of all required regulatory approvals and the satisfaction or waiver of other closing conditions. Although the closing date had been expected to be in the first half of CY2022, considering the ongoing U.S. regulatory approval process, on May 16, 2022, MUFG announced a shift[2] in the expected closing date to the second half in CY2022.
MUFG announced today the receipt of regulatory approvals from the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation to complete the sale of MUB and related transactions contemplated by the Share Purchase Agreement. These approvals are part of the conditions precedent to complete the sale of MUB. We will announce the planned closing date after the receipt of all required regulatory approvals, which announcement is expected to occur no less than 30 days prior to the closing date.
If any event which should be disclosed occurs, it will be announced promptly.
Cautionary Statement Regarding MUFG’s Forward-Looking Statements
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 status of the MUFG Union Bank sale to U.S. Bancorp?
MUFG has received regulatory approvals for the sale of MUFG Union Bank to U.S. Bancorp, pending final closing.
When will the sale of MUFG Union Bank be finalized?
The final closing date will be announced at least 30 days in advance after all required approvals.
What are the implications of the regulatory approvals for MUFG?
The approvals bring MUFG closer to completing the sale of MUFG Union Bank, which may positively impact their operations.
What challenges has MUFG faced regarding the sale of Union Bank?
MUFG faced delays in the U.S. regulatory approval process, which has pushed the expected closing date.
Who are the regulatory bodies that approved the MUFG Union Bank sale?
The sale received approvals from the Federal Reserve, Office of the Comptroller of the Currency, and FDIC.
