Mitsubishi UFJ Financial Group, a bank holding and financial services company, agreed to acquire a minority stake in US Bancorp, a commercial bank in the United States, for $936m. US Bancorp announced plans to issue 24m shares of common stock to an affiliate of Mitsubishi UFJ Financial Group. As previously announced, on December 1, 2022, US Bancorp completed the acquisition of MUFG Union Bank’s core regional banking franchise. US Bancorp received $3.5bn in additional cash held by MUFG Union Bank, which, under the terms of the purchase agreement, US Bancorp is required to repay on or prior to the fifth anniversary date of the acquisition, with a reasonable best-efforts obligation to repay up to $1bn within a reasonable time after conversion.