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Japan's MUFG Sells US Business

Tom Burroughes

23 September 2021

Mitsubishi UFJ Financial Group (MUFG), the Japanese conglomerate, has agreed to sell MUFG Union Bank to US Bancorp in an $8 billion cash and share deal.

The completion of transferring shares is subject to regulatory approval, and is expected to go through in the first half of 2022.

“The date back to 2008, when the Japanese bank extended a $9 billion lifeline to Morgan Stanley during the global financial crisis. In 2010, the two sides formed two joint venture brokerages. Mitsubishi UFJ Morgan Stanley Securities is majority owned by MUFG, while Morgan Stanley retains control of Morgan Stanley MUFG Securities.