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☆ Mitsubishi UFJ to invest $936 mln in U.S. Bancorp
▼ + stars: | 2023-08-03 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +1 min

People queue inside a branch of the Mitsubishi UFJ (MUFJ) Financial Group's bank of Tokyo-Mitsubishi UFJ in Tokyo, Japan, February 1, 2016. In return, MUFG's stake in the fifth largest U.S. bank will rise to 4.4% from 2.9%. MUFG sold its U.S. retail banking unit MUFG Union Bank to U.S. Bancorp for $8 billion last year. As part of the deal, U.S. Bancorp received $3.5 billion in additional cash held by MUFG Union Bank which it is required to repay within five years. The Minneapolis-based bank will also help MUFG with U.S. dollar liquidity support, allowing the Japanese bank to diversify dollar funding sources in case of contingencies.

Persons: Yuya, MUFG's, MUFG, Makiko Yamazaki, Muralikumar Anantharaman, Edwina Gibbs Organizations: Mitsubishi, REUTERS, Bancorp, Union Bank TOKYO, Mitsubishi UFJ Financial, U.S . Bancorp, U.S, MUFG, Bank, MUFG Union Bank, Thomson Locations: Tokyo, Japan, U.S, Minneapolis

☆ Mitsubishi UFJ to invest $937 mln in U.S. Bancorp
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

People queue inside a branch of the Mitsubishi UFJ (MUFJ) Financial Group's bank of Tokyo-Mitsubishi UFJ in Tokyo, Japan, February 1, 2016. REUTERS/Yuya Shino/File PhotoTOKYO, Aug 3 (Reuters) - Japan's Mitsubishi UFJ Financial Group (MUFG) (8306.T) said on Thursday it would invest $936.7 million in U.S. Bancorp (USB.N) to raise its stake in the U.S. bank to 4.4%. The payment is in connection with MUFG's $8 billion sale of its U.S. retail banking unit MUFG Union Bank to U.S. Bancorp last year. In the deal, U.S. Bancorp received $3.5 billion in additional cash held by MUFG Union Bank which the U.S. bank is required to repay. MUFG also said it has agreed with a bank subsidiary of U.S. Bancorp on U.S. dollar liquidity support to strengthen its sustainable non-Japanese yen funding capacity.

Persons: Yuya, MUFG, Makiko Yamazaki, Tom Hogue Organizations: Mitsubishi, REUTERS, Mitsubishi UFJ Financial, U.S . Bancorp, U.S, Bancorp, MUFG's, MUFG, Bank, MUFG Union Bank, Thomson Locations: Tokyo, Japan, U.S

☆ Regional bank reports so far show deposits are stabilizing. What's next for the stocks
▼ + stars: | 2023-04-19 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The opening days of the first-quarter earnings season have spurred a sigh of relief among investors, especially when it comes to the regional banks whose future seemed seriously in doubt just a month ago. A quick glance at the early reports from the biggest regional banks show only modest deposit declines in the first quarter. One deposit drop that caught some analysts off-guard among the larger regional banks was a nearly $20 billion decline at US Bancorp , but the bank still has more than $500 billion in deposits. Longer term outlook However, the stabilized funding may not be enough for the regional bank stocks to catch up to their larger competitors, which are viewed as safer and have more diversified businesses. A potential recession could cause credit losses at regional banks in the coming months, and commercial real estate exposure is particularly concerning for investors.

☆ SVB proves even smaller banks are too big to fail
▼ + stars: | 2023-03-15 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +5 min

Yet last weekend U.S. authorities struggled to contain the fallout from the collapse of SVB Financial (SIVB.O), a relatively simple institution about half the size of the defunct Wall Street firm. After 2008, global regulators designed elaborate rules to make banks safer, and to limit the economic impact if they failed. The result was that when SVB failed, it had no additional buffer, leaving uninsured depositors potentially on the hook for losses that exceeded its capital. Five days after SVB failed, no buyer has yet come forward. It’s a timely reminder that even smaller banks can be too big to fail.

☆ Mitsubishi UFJ, Mizuho report strong Q3 results on solid loan demand
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Feb 2 (Reuters) - Mitsubishi UFJ Financial Group Inc (8306.T) and Mizuho Financial Group (8411.T) on Thursday reported strong third-quarter profits in their core businesses thanks to an economic rebound in Japan and solid loan demand abroad. Including the expected accounting gain, Mitsubishi UFJ's nine-month net profit totalled 1.14 trillion yen ($8.86 billion), already ahead of its full-year profit forecast of 1 trillion yen. Mizuho's third-quarter net profit more than doubled to 209.3 billion yen compared to the same period last year, when results at the country's No. 3 lender were weighed down by loan loss provisions for KKR & Co's (KKR.N) auto parts supplier Marelli Holdings Co.Japan's second-largest bank, Sumitomo Mitsui Financial Group Inc (8316.T), on Monday reported a 42.6% jump in third-quarter net profit. ($1 = 128.6100 yen)Reporting by Makiko Yamazaki; Editing by Christian Schmollinger and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's Mitsubishi UFJ to buy two Asia units of Home Credit for $620 mln
▼ + stars: | 2022-11-24 | by ( Makiko Yamazaki | Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

TOKYO, Nov 24 (Reuters) - Japan's Mitsubishi UFJ Financial Group Inc (8306.T) said on Thursday it would buy the Philippines and Indonesian units of Dutch consumer finance company Home Credit BV (HC) for about 596 million euros ($621 million). The acquisitions will be made through main Mitsubishi UFJ banking arm MUFG Bank, Thai unit Bank of Ayudhya PCL (BAY) (BAY.BK), and Indonesian unit Adira Dinamika Multi Finance (ADMF), with the deal to be completed within 2023, the company said. PPF, which had been looking at selling or taking on partners in some markets for the HC business, said in a statement it was the right time to pass the baton. A Mitsubishi UFJ executive said in a briefing that the lender would explore further acquisition opportunities in Southeast Asia. MUFG Bank will hold 25% of HC Philippines, and ADMF will hold 10% of HC Indonesia shares.

☆ Japan's Mitsubishi UFJ to buy two Asia units of Home Credit for $596 mln
▼ + stars: | 2022-11-24 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

TOKYO, Nov 24 (Reuters) - Japan's Mitsubishi UFJ Financial Group Inc (8306.T) said on Thursday it would buy the Philippines and Indonesian units of Dutch consumer finance company Home Credit Group BV for about 596 million euros ($621 million). The acquisitions will be made through Japanese unit MUFG Bank, Thai unit Bank of Ayudhya PCL (BAY) (BAY.BK), and Indonesian unit Adira Dinamika Multi Finance (ADMF), with the deal to be completed within 2023, the company said. Home Credit (HC) is controlled by the Czech Republic's biggest investment group, PPF, which was founded by late billionaire Petr Kellner. read moreAfter the completion of the deal, Bank of Ayudhya will hold 75% of the shares of HC Philippines and 75% of the shares of HC Indonesia. MUFG Bank will hold 25% of HC Philippines, and ADMF will hold 10% of HC Indonesia shares.

☆ Japan's biggest bank Mitsubishi UFJ reports 70.5% slump in Q2 profit
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 14 (Reuters) - Mitsubishi UFJ Financial Group Inc (8306.T), Japan's largest lender by assets, on Monday reported a 70.5% slide in second-quarter net profit because of another one-off loss related to the sale of U.S. unit MUFG Union Bank. Mitsubishi UFJ, which owns about 22% of Morgan Stanley (MS.N), posted a net profit of 117.41 billion yen ($841.83 million) for the July-September period, against 398.4 billion yen a year earlier, according to Reuters' calculations based on six-month cumulative figures disclosed in a filing. The Japanese bank maintained its full-year profit forecast of 1 trillion yen, a 12% drop from the previous year when it posted a record profit. The outlook compared with an average forecast of 1.04 trillion yen from 12 analyst estimates compiled by Refinitiv. ($1 = 139.4700 yen)Reporting by Makiko Yamazaki; Editing by David Dolan and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Fed Approves U.S. Bancorp Acquisition of MUFG Union Bank
▼ + stars: | 2022-10-14 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Approval of U.S. Bancorp’s deal solidifies its status as the fifth-largest retail bank in the country. WASHINGTON—The Federal Reserve on Friday approved U.S. Bancorp acquisition of MUFG Union Bank’s core retail-banking business, one of a series of large regional bank mergers pending before federal regulators. In conjunction with the approval, regulators said they would launch a related rule-making process to enhance regulators’ ability to wind-down large regional banks in an orderly way should they fail.

☆ Factbox: Meet the big bank CEOs set to be grilled by Congress
▼ + stars: | 2022-09-20 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

In his prepared testimony, Moynihan touted the firm's focus on "responsible growth" as critical to its stability and strength. CITIGROUP INCJane Fraser, the first woman to lead a major Wall Street bank, was appointed in March 2021. In her prepared testimony, Fraser said the bank had made "significant progress" in divesting from those areas, while supporting institutional clients. U.S. Bancorp is currently the fifth largest bank in the U.S. with $582 billion in assets, and the largest bank outside of the "globally systemic" firms. Rogers describes the bank as "purpose-driven" in his prepared testimony, and highlighted efforts to boost investment in lower income and majority-minority communities.

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