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    S&C Advises Mitsubishi UFJ Financial Group in $8 Billion Sale of U.S. Core Regional Banking Franchise to U.S. Bancorp

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    October 18, 2021
    Mitsubishi UFJ Financial Group has agreed to sell its MUFG Union Bank’s U.S. core regional banking franchise to U.S. Bancorp for approximately $8 billion. MUFG, Japan’s biggest lender, will receive $5.5 billion in cash and approximately $2.5 billion of U.S Bancorp shares, representing 2.9 percent of U.S. Bancorp.
     
    The sale will allow MUFG to shift focus to retail banking business in Japan and Asia, while continuing to focus on wholesale corporate and investment banking franchise in the United States.
     
    S&C has advised several non-U.S. banks on major exits of U.S. retail banking business. Most recently, S&C advised Spain's Banco Bilbao Vizcaya Argentaria, which has agreed to sell its U.S. subsidiary, BBVA USA, to PNC for $11.6 billion; and HSBC in connection with its announced exit from U.S. domestic mass market retail banking business through two sale transactions.
     
    The S&C team advising Mitsubishi UFJ includes Rodge Cohen, Donald Toumey, Keiji Hatano (Tokyo) and Michelle Chen. Heather Coleman advised on executive compensation matters. Mehdi Ansari advised on intellectual property matters. David Spitzer advised on tax matters.
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    H. Rodgin Cohen Headshot Photo
    H. Rodgin Cohen
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    Donald J. Toumey
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    Keiji Hatano Headshot Photo
    Keiji Hatano
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    C. Michelle Chen Headshot Photo
    C. Michelle Chen
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    Heather L. Coleman Headshot Photo
    Heather L. Coleman
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    Mehdi Ansari Headshot Photo
    Mehdi Ansari
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    David C. Spitzer Headshot Photo
    David C. Spitzer
    New York
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