U.S. Bancorp receives all regulatory approvals for MUFG's core regional banking franchise

Oct. 19, 2022 7:32 AM ETU.S. Bancorp (USB), MUFGMBFJFBy: Mary Christine Joy, SA News Editor3 Comments

Mitsubishi UFJ Financial Group (<span class='ticker-hover-wrapper'>NYSE:<a href='https://seekingalpha.com/symbol/MUFG' title='Mitsubishi UFJ Financial Group, Inc.'>MUFG</a></span>) office building at night

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  • U.S. Bancorp (NYSE:USB) has received all required regulatory approvals for the acquisition of MUFG Union Bank's core regional banking franchise from Mitsubishi UFJ Financial Group (OTCPK:MBFJF) (MUFG).
  • The acquisition is now expected to close on Dec. 1, subject to the satisfaction of closing conditions.
  • Through the acquisition, USB is expected to gain more than 1M consumer customers and about 190K small business customers on the West Coast, in addition to loans and deposits.
  • MUFG shares were trading +1.09% pre-market.
  • Source: Press Release

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