Japan’s MUFG Reaches $8 Billion Deal for U.S. Regional Bank Franchise

Japan’s MUFG Reaches $8 Billion Deal for U.S. Regional Bank Franchise

October 18, 2021

When Mitsubishi UFJ Financial Group, Japan’s largest bank, decided to divest its U.S. regional bank franchise, it turned to its long-time counsel at Sullivan & Cromwell. The lawyers in our Financial Services Group in New York and Tokyo advised the bank as it negotiated an $8 billion sale of its MUFG Union Bank’s U.S. regional bank franchise to U.S. Bancorp, the largest bank M&A deal this year.
 
For the second time in a year, S&C has helped an international banking giant redefine its presence in the United States. In the largest U.S. bank deal of 2020, S&C advised Spanish bank Banco Bilbao Vizcaya Argentaria in the sale of its U.S. subsidiary to PNC for $11.5 billion. We also advised HSBC in its exit from its U.S. domestic mass market retail banking business through two sales.
 
Not only do these deals demonstrate S&C’s expertise in advising foreign banks as they make strategic choices for their U.S. operations—with multidisciplinary teams that can handle all major facets of a transaction—but they reinforce the Firm’s dominance in bank M&A and related matters.
 
S&C stands at the forefront of bank M&A, advising domestic and international banks that range from mid-size institutions to some of the industry’s largest. According to S&P Global Market Intelligence, through the third quarter of 2021 we rank first among law firms in total value and number of deals, having advised on 12 transactions valued at over $30 billion.
 
Our premier banking practice has the versatility and depth of knowledge to advise a wide variety of financial institutions—from some of the world’s biggest to innovative startups—on their most crucial matters spanning regulatory, transactions, litigation and enforcement actions. Our lawyers serve clients around the world through a network of 13 offices, located in leading financial centers in Asia, Australia, Europe and the United States.
 
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