U.S. Bank’s mother or father business has agreed to acquire MUFG Union Bank’s client small business for $eight billion in a transfer to broaden its existence on the West Coastline.
The acquisition will enhance U.S. Bank’s loans and deposits by about twenty% and enhance its current market share in California to fifth position from 10th. Most of MUFG’s branches are in California, Oregon and Washington.
MUFG is the major phase of the U.S. operations of Mitsubishi UFJ Fiscal Group, Japan’s major bank. The deal does not incorporate MUFG’s corporate and investment banking operations, as effectively as some other middle- and back-business features.
“The acquisition of MUFG Union Lender underscores our commitment to fortify and develop our small business on the West Coastline, make investments to provide buyers and nearby communities, and improve level of competition in the monetary products and services sector,” U.S. Bancorp CEO Andy Cecere said.