U.S. Bancorp entered into a definitive agreement to acquire MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group. Under the terms of the agreement, U.S. Bancorp will purchase MUFG Union Bank for approximately $8 billion.
Brian Gunn will join MUFG as chief risk officer for MUFG Americas Holdings Corporation and its primary banking subsidiary, MUFG Union Bank, effective Sept. 13. Gunn will succeed Donna Dellosso, who announced her decision to retire in May of this year.
Mitsubishi UFJ Financial Group appointed Neal Holland CFO of MUFG Americas Holdings and its primary banking subsidiary, MUFG Union Bank, effective June 1. Holland will succeed Johannes Worsoe, who has served as CFO since 2016.
Mitsubishi UFJ Financial Group will launch a capital markets strategy group. Tom Joyce, who joined MUFG from Deutsche Bank, will lead the new group.
MUFG Union Bank will acquire supply chain finance platform Trade Payable Services from GE Capital. The deal marks the third major divestment by GE Capital over the last six months.
Mackinac Partners promoted business intelligence and security expert Kevin M. Cronin to senior managing director and added corporate growth, restructuring and legal executive Howard S. Lanznar as senior advisor.