Union Bank was acquired by U.S. Bancorp. This significant transaction brought a major Japanese-owned banking presence under the umbrella of one of the largest U.S. financial institutions.
Details of the Acquisition
The acquisition involved MUFG Union Bank, a subsidiary of the Japanese financial group Mitsubishi UFJ Financial Group (MUFG), being purchased by U.S. Bancorp.
Here are the key aspects of this corporate consolidation:
- Acquirer: U.S. Bancorp
- Acquired Entity: MUFG Union Bank
- Deal Value: The acquisition was valued at approximately $8 billion.
- Announcement Date: The deal was initially announced in September 2021.
- Closing Date: The transaction was officially closed in December 2022.
This strategic move significantly expanded U.S. Bancorp's presence, particularly on the West Coast, by integrating Union Bank's extensive customer base and branch network.