Mitsubishi UFJ Financial Group (MUFG) is pulling back from U.S. retail banking with the $8 billion sale of MUFG Union Bank (MUB) to U.S. Bancorp as digital technology and industry consolidation squeeze out smaller lenders.
The deal includes $5.5 billion in cash and $2.5 billion worth of shares that will give Japan’s biggest lender a 2.9% stake in Minneapolis-based U.S. Bancorp, the fifth largest bank in the United States, the banks said on Tuesday.
