9/21, 9:25 AM (Source: TeleTrader)
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MUFG selling Union Bank for $7.3 billion - report

Mitsubishi UFJ Financial Group Inc. (MUFG) is selling its United States subsidiary Union Bank to U.S. Bancorp in a cash-and-stock transaction valued at approximately $7.3 billion, Nikkei reported on Tuesday.

Union Bank, which was acquired by MUFG in 2008 for $3.5 billion, has roughly 300 branches. In the first quarter of 2021, the lender reported a total equity capital of $15.7 billion and a net income of $349 million.

MUFG is expected to partner with Bancorp in a capital alliance, the newspaper said.

Breaking the News / MD