U.S. Bancorp (USB) has agreed purchase MUFG Union Bank from Mitsubishi UFJ Financial Group for approximately $8 billion, including $5.5 billion in cash and approximately 44 million shares of U.S. Bancorp common stock. Upon close of the deal, Mitsubishi UFJ Financial will hold a minority stake of approximately 2.9% in U.S. Bancorp.
As of June 30, 2021, MUFG Union Bank, N.A. operated 305 branches. MUFG Union Bank has assets of $133.2 billion, as of June 30, 2021. It is a member of the Mitsubishi UFJ Financial Group.
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