LOS ANGELES, CA / ACCESSWIRE / September 30, 2021 / MUFG Union Bank, N.A., the parent company of Intrepid Investment Bankers LLC, recently announced that U.S. Bancorp (NYSE: USB) has entered into a definitive agreement to acquire MUFG Union Bank's core regional banking franchise from Mitsubishi UFJ Financial Group (MUFG) (NYSE:MUFG) in a transaction valued at $8 billion in cash and stock, bringing together two premier organizations with a focus on being the leader in serving customers and communities in California, Washington, and Oregon. The combination with U.S. Bank creates a more robust business, the fifth largest in the U.S. The transaction is subject to regulatory approval and is expected to close in the first half of 2022.
Intrepid will be carved out of the purchase and will become part of the remaining MUFG business in the Americas, which will be one of the largest foreign banks in the United States, with more than $225 billion in assets. The organization will focus on its wholesale banking operations, which will include Intrepid, Global Corporate and Investment Banking (GCIB), and the Global Markets teams. "Intrepid will remain aligned with MUFG's Wholesale Banking activities and MUFG remains highly supportive of our business and strong franchise," said Ed Bagdasarian, Chief Executive Officer of Intrepid."
"We are very pleased to have reached an agreement with U.S. Bancorp, which will allow MUFG to focus on accelerating growth in our Americas wholesale businesses - specifically Corporate and Investment Banking, Global Markets, Japanese Corporate Banking and Transaction Banking. We'll continue to expand our non-investment grade capabilities and platform and will anchor our industry coverage model on areas of existing leadership while expanding in growth sectors. Intrepid is a critical component of our future growth," said Kevin Cronin, MUFG's Regional Executive for the Americas and CEO for MUFG Union Bank, N.A.
Media Contact
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About Intrepid Investment Bankers
Intrepid provides M&A, capital raising and strategic advisory services to entrepreneurs and middle-market companies in various industry sectors. Our heritage breeds a culture that embraces teamwork, tenacity and creativity to help our clients win big. We believe that every company has an entrepreneurial passion that drives it and a story that defines it. Our team delivers results through skillful positioning and relentless execution. Based in Los Angeles, Intrepid augments its international capabilities through its active participation in Oaklins, an exclusive global alliance of M&A advisory firms.
Investment banking services offered by Intrepid Investment Bankers LLC, a subsidiary of MUFG Union Bank. Member FINRA/SIPC.
SOURCE: Intrepid Investment Bankers
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https://www.accesswire.com/665722/Intrepid-to-Remain-Part-of-Mitsubishi-UFJ-Financial-Group-Following-the-Sale-of-MUFG-Union-Bank-to-US-Bancorp
