Mitsubishi UFJ Financial Group (MUFG) has merged its Bank of Tokyo-Mitsubishi UFJ’s (BTMU) US branch banking operations with Union Bank.
The merged firm will operate the U.S. banking operations under the new name MUFG Union Bank, N.A.
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MUFG said the merger highlights its commitment to serve broad range of corporate, commercial, retail and wealth management clients across the Americas.
As part of the integration, all of BTMU’s Americas banking activities, including the new unified US organization will be managed by a newly renamed holding company, MUFG Americas Holdings Corporation (formerly UnionBanCal Corporation).
Additionally, Katsumi Hatao will become new CEO for the Americas of BTMU and president and CEO of MUFG Union Bank, N.A. and MUFG Americas Holdings Corporation, while Masashi Oka will serve as executive chairman of MUFG Union Bank and MUFG Americas Holdings Corporation.
Under the merger, MUFG Union Bank will serve corporate and investment banking customers via the MUFG brand, and continue to serve retail, wealth and commercial banking customers via the Union Bank brand.
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By GlobalDataFurthermore, other MUFG entities and BTMU’s branches in the US will continue to serve customers of both BTMU and MUFG Union Bank.
Hatao said: "This integration solidifies the bank’s foundation for sound and profitable growth and as a major presence in key markets throughout this hemisphere. These two well-established organizations serve complementary geographies and lines of business across our markets, from Canada to Chile and from coast to coast in the US."
