US Bancorp has wrapped up the acquisition of MUFG Union Bank’s core regional banking operations from Mitsubishi UFJ Financial Group (MUFG) in a deal valued at $8bn.

The transaction comprises $5.5bn cash and around 44 million shares of US Bancorp common stock.

With the closure of the deal, Japan’s MUFG has exited the US retail banking market and acquired a minority stake of around 3% in US Bancorp.

For US Bancorp, the deal, which was announced in September 2021, will bolster its presence on the West Coast of the US, and expand its branch network and customer base.

MUFG Union Bank’s Global Corporate & Investment Bank, some middle and back-office functions, and other assets are not part of the transition.

US Bancorp chairman, president and CEO Andy Cecere said: “The acquisition of MUFG Union Bank underscores U.S. Bank’s commitment to creating economic opportunities for our customers and communities across the West Coast.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“The closing of this acquisition brings together two premier organizations and their teams who are focused on putting customers first.”

MUFG Americas CEO and regional executive Kevin Cronin said: “We are very pleased to bring the sale to completion, which enables MUFG to increase our focus and direct our resources on accelerating growth in our Americas wholesale businesses.”

The acquisition will take the Minneapolis-based US Bancorp’s total assets to $679.6bn and capital to $51.6bn, the OCC had said earlier.