U.S. Bancorp closes $8bn acquisition of MUFG Union Bank

U.S. Bancorp has wrapped up the previously announced $8 billion acquisition of the core regional banking franchise of MUFG Union Bank from Mitsubishi UFJ Financial Group.

As per the terms of the deal announced in September 2021, Mitsubishi UFJ Financial Group will hold a stake of around 2.9% in U.S. Bancorp.

U.S. Bancorp said that the acquisition combines two premier organizations to cater to customers and communities in California, Oregon, and Washington.

The parent company of Minneapolis-based U.S. Bank National Association expects the integration of systems and conversion of accounts to take place in H1 2023.

U.S. Bancorp closes $8bn acquisition of MUFG Union Bank. Photo courtesy of Downtowngal/Wikipedia.org.

MUFG Union Bank is a nationally chartered full-service bank with nearly 400 branches across California, Oregon, and Washington.

Andy Cecere — U.S. Bancorp chairman, president, and CEO 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.

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