Japan megabank MUFG to sell American unit to U.S. Bancorp for $17.6 bil.

Mitsubishi UFJ Financial Group Inc. said Tuesday it will sell most of its American banking unit MUFG Union Bank to U.S. Bancorp in a deal worth around $17.6 billion.MUFG Union Bank's operations for corporate customers will be transferred to the major Japanese financial group and all of the bank's shares will be sold to U.S. Bancorp by June next year, according to the group's press release.MUFG said it will acquire an approximately 2.9 percent stake in U.S. Bancorp in the deal, forming a capital tie-up as the Japanese company reassesses its underperforming U.S. sectors.Union Bank, which beca…READ FULL ARTICLE