US Bancorp completed the acquisition of MUFG Union Bank from Mitsubishi UFJ for $8bn.

US Bancorp, a parent company of US Bank National Association, completed the acquisition of MUFG Union Bank, a full-service bank, from Mitsubishi UFJ, a financial services group, for $8bn. “The acquisition of MUFG Union Bank underscores our commitment to strengthen and grow our business on the West Coast, make investments to serve customers and local communities and enhance competition in the financial services industry. With MUFG Union Bank, we will increase access to state-of-the-art financial products while maintaining US Bank’s strong track record of putting its customers and communities first. We are also committed to maintaining both organizations’ excellent records of serving low-income communities and supporting minority-led institutions,” Andy Cecere, US Bancorp Chairman, President and CEO. On October 14, 2022, US Bancorp receives US regulatory approval for acquisition of MUFG Union Bank.