MUFG Union Bank to acquire Trade Payable Services from GE Capital.

MUFG Americas Holdings Corp and GE Capital signed an agreement where MUFG Union Bank, a subsidiary of MUAH and therefor Mitsubishi UFJ Financial Group, will acquire Trade Payable Services, a leading supply chain finance platform, from GE Capital. Terms of the transaction were not disclosed. Following the close of the proposed transaction, MUFG Union Bank will assume management control of the systems and processes supporting the supply chain finance activities that GE Capital performs for GE. "The acquisition of this world-class platform accelerates MUFG's growth trajectory in supply chain finance and broadens our presence in this business," said Kevin Cronin, MUFG's Head of North America Wholesale and Investment Banking. "TPS' scale and functionality, combined with the outstanding product and coverage capabilities of our supply chain finance team, give MUFG a distinct competitive advantage in this high-growth segment."