NEW YORK & SAN FRANCISCO--(BUSINESS WIRE)--Mitsubishi UFJ Financial Group, Inc. (MUFG – NYSE: MTU), one of the world’s leading financial groups, announced that, effective today, it has integrated The Bank of Tokyo-Mitsubishi UFJ’s (BTMU) U.S. branch banking operations with Union Bank, N.A., and will operate the U.S. banking operations under the new name MUFG Union Bank, N.A. All of BTMU’s Americas banking activities, including the new unified U.S. organization, are overseen by a newly renamed holding company, MUFG Americas Holdings Corporation (formerly UnionBanCal Corporation). The Office of the Comptroller of the Currency is the primary regulator for MUFG Union Bank, N.A.; MUFG Americas Holdings Corporation’s primary regulator is the Federal Reserve.
Effective today, Katsumi Hatao begins his term as CEO for the Americas of BTMU and President and Chief Executive Officer of MUFG Union Bank, N.A. and MUFG Americas Holdings Corporation. He was previously Deputy Chief Executive Officer for the Americas of BTMU from 2012 to 2014. Mr. Hatao began his banking career at the Bank of Tokyo, Ltd. in 1981. Masashi Oka, formerly President and Chief Executive Officer of Union Bank and UnionBanCal Corporation from 2010 to 2014, as well as BTMU CEO for the Americas, will serve as Executive Chairman of MUFG Union Bank and MUFG Americas Holdings Corporation, effective today. Mr. Oka started with Mitsubishi Bank in 1979.
“This integration solidifies the bank’s foundation for sound and profitable growth and as a major presence in key markets throughout this hemisphere,” said Hatao. “These two well-established organizations serve complementary geographies and lines of business across our markets, from Canada to Chile and from coast to coast in the U.S.”
“We’ve also created a streamlined organization with a stronger governance and risk-management structure,” said Hatao. “Across the board, it exemplifies our commitment to responsible banking in every community and sector we serve.”
The move furthers MUFG’s objective to provide a broad array of products and services to customers to address their current and future financial needs. MUFG Union Bank offers a wide spectrum of services in sectors including: corporate banking, commercial banking, retail banking, wealth management, investment banking and capital markets, personal and corporate trust and transaction banking. MUFG Union Bank will service corporate and investment banking customers via the MUFG brand, and continue to serve retail, wealth and commercial banking customers via the Union Bank brand.
Other MUFG entities in the Americas – including Mitsubishi UFJ Trust and Banking Corporation and Mitsubishi UFJ Securities (USA) – will continue to offer all existing services to customers of both BTMU and MUFG Union Bank and effectively be an integral part of the hemispheric team, although they will remain legally separate from MUFG Americas Holdings Corporation. BTMU’s U.S. branches will continue to operate and handle customer transactions as they have in the past.
The corporate headquarters (principal executive office) for MUFG Union Bank, N.A. and MUFG Americas Holdings Corporation are in New York City, while the bank will maintain its very strong presence on the U.S. West Coast. BTMU will continue its operations throughout North America and South America.
For Investor Relations inquiries, including questions from UnionBanCal Corporation bondholders, please contact Mimi Mengis or Doug Lambert at (212) 782-5911.
About MUFG Union Bank and MUFG Americas Holdings Corporation
MUFG Union Bank, N.A., is a full-service bank with offices across the United States. We provide a wide spectrum of corporate, commercial, retail banking and wealth management solutions to meet the needs of customers. The bank also offers an extensive portfolio of value-added solutions for customers, including investment banking, personal trust, capital markets, global treasury management, transaction banking and other services. With assets of $106.7 billion (USD), as of March 31, 2014, the bank has strong capital reserves, credit ratings and capital ratios relative to peer banks. MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE: MTU), one of the world’s largest financial organizations with total assets of approximately ¥258 trillion (JPY) or $2.5 trillion (USD)1, as of March 31, 2014. MUFG Americas Holdings Corporation, the financial holding company and MUFG Union Bank, N.A., have corporate headquarters in New York City.
1 Exchange rate of USD = ¥102.92 (J-GAAP) as of March 31, 2014.
