Japan’s Mitsubishi UFJ Financial Group is reportedly planning to sell its US banking unit MUFG Union Bank.
According to a Bloomberg report, the Japanese financial services company is working with an adviser to explore options for the US unit.
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It has already started conducting informal discussions with potential buyers, the report added citing sources aware of the development. However, Mitsubishi UFJ is yet to start a formal auction process.
MUFG Union Bank has around 300 branches and offers personal, business and commercial banking services. The bank has around $132bn of assets.
The Bloomberg report further added that Mitsubishi UFJ is yet to take a final decision. The ongoing deliberations may also not result in a transaction, the sources told the publication.
The move comes when several regional lenders in the US are looking for consolidation to remain competitive.
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Earlier this month, Home BancShares agreed to acquire Happy Bancshares in an all-stock deal valuing nearly $919m. The deal will help Home BancShares, the holding company of Centennial Bank, foray into Texas.
Recently, Goldman Sachs also signed a deal to buy consumer loans-provider GreenSky for nearly $2.24bn.
SmartFinancial recently closed the acquisition of Sevier County Bancshares and its subsidiary Sevier County Bank. The combined company will have total consolidated assets of around $4.1bn.
