US Bancorp snaps up MUFG US arm: MUFG keeps US investment bank; deal sidesteps regulatory problems

摘要

MITSUBISHI UFJ FINANCIAL GROUP is Selling its California-based MUFG Union Bank to US BANCORP for US$8bn in a cash and stock transaction that will see the Japanese bank take a stake in US Bancorp. For MUFG the deal allows the bank to unload what it called a "core banking asset" rather than making significant investment to modernise the West Coast bank's operations. Only one day before the sale was announced, the Office of the Comptroller of the Currency issued a "cease and desist order" against MUFG Union, citing the bank's "unsafe or unsound practices regarding technology and operational risk management".