Union Bank, N.A., a member of the Mitsubishi UFJ Financial Group (MTU) late Sunday said it reached an agreement to acquire PB Capital Corp.'s institutional commercial real estate or CRE lending portfolio and platform. PB Capital is a wholly owned subsidiary of Deutsche Bank AG (DB).
The acquisition will expand Union Bank's CRE presence in the U.S. It brings a high-quality commercial real estate loan origination and servicing platform, geographic and asset class diversification, a desirable real estate customer base, and a seasoned management team.
Headquartered in New York, the CRE lending division of PB Capital has around $3.7 billion in loans outstanding on properties in major metropolitan areas across the U.S. The acquisition is expected to be completed in the second quarter of 2013.
Union Bank President & CEO Masashi Oka said, "This is an important strategic acquisition for Union Bank, as it leverages our established CRE capabilities by adding a national origination platform and strong relationships with top-tier property owners."
Oka added that the transaction also enables the Bank of Tokyo-Mitsubishi UFJ (BTMU) to efficiently leverage its strength in the Americas and deploy capital into high-quality assets, through the strong capital position and U.S. dollar funding capabilities of Union Bank. Oka is also CEO for the Americas for BTMU.
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