Mitsubishi UFJ Financial Group announced that it will sell its subsidiary, MUFG Union Bank, a regional bank in the United States, to another bank in the United States.
With a strategic shift to let go of banks, which have played an important role in the financial business in the United States since the 1980s, the total sales amounted to approximately 1.9 trillion yen.
According to the announcement, Mitsubishi UFJ will change the division of "MUFG Union Bank", which operates about 300 stores mainly in California under the group, to the major American bank "US Bancorp" to provide loans to individuals and small and medium-sized enterprises. I will sell it.
The total sales amount, including the sale of Union Bank shares, amounted to 17.6 billion dollars, or approximately 1.9 trillion yen in Japanese yen.
This bank was the predecessor of the local local bank that the former Mitsubishi Bank and the former Bank of Tokyo acquired in the 1980s for the purpose of expanding their respective businesses. Has played an important role in the financial business in Japan.
However, even in the United States, large-scale monetary easing has caused interest rates to fall, making it difficult to generate profits, increasing the cost of regulatory compliance such as measures against money laundering, which is becoming stricter year by year, and a large amount of investment for digitalization. It is an issue and we have decided to sell it.
Mitsubishi UFJ aims to increase profitability through bold structural reforms.