US Bancorp Gets All American Regulatory Clearances To Buy MUFG Union Bank

(RTTNews) - U.S. Bancorp (USB), one of the major bank holding companies, said on Wednesday that it has obtained all essential regulatory approvals to close the acquisition of MUFG Union Bank's core regional banking franchise, from Mitsubishi UFJ Financial Group.

The previously announced acquisition, expected to be closed before the end of 2022, is still subject to approval from the regulators in Japan.

With this acquisition, the American lender will add over 1 million loyal consumer customers and about 190,000 small business customers on the West Coast in addition to significant loans and deposits.

The acquirer estimates that the merger will boost the U.S. Bank's deposit position in California to 5th, from 10th, the lender said in a statement.