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Mitsubishi UFJ Financial Group may sell U.S. banking arm

Mitsubishi UFJ Financial Group Inc. (8306.TO) is exploring the sale of its U.S. banking unit MUFG Union Bank, about 13 years after it acquired the West Coast lender for $3.5 billion, according to a Bloomberg report published on Friday. Citing people familiar with the deal, the news service reported the Japanese banking giant has held preliminary talks with potential buyers about a deal and may soon hire an investment bank to launch a formal sales process. As mergers heat up between smaller banks to compete with larger players such as JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS) as well as financial technology companies, some overseas banks are mulling the sale of their U.S. operations to benefit from lofty acquisition prices.

-Steve Gelsi

 

(END) Dow Jones Newswires

09-17-21 0847ET

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