Description
MUFG Americas Holdings Corporation (formerly known as UnionBanCal Corporation) is an intermediate bank holding company based in New York City. It is the parent company of MUFG Union Bank, N.A. and MUFG's consolidated U.S. operations.
MUFG Americas Holdings (MUAH) is itself a wholly owned subsidiary of MUFG Bank, Ltd., a member of the Japanese Mitsubishi UFJ Financial Group conglomerate.
History
MUAH had total assets of $163 billion as of December 31, 2021. Its predecessor, UnionBanCal Corporation, had assets of $105 billion as of December 31, 2013. MUAH has the largest presence in the U.S. among all other Japanese Banks, as competitors Sumitomo Mitsui Financial Group and Mizuho Financial Group do not operate U.S. branch banking subsidiaries.
In 2013, bank officials stated that the bank's aim was to become the tenth largest financial operating institution in the U.S. through aggressive acquisition(s).
In May 2014, Union Bank, N.A. announced it would be changing its legal name from Union Bank N.A. to MUFG Union Bank, N.A. effective July 1, 2014. On the same effective date, UnionBanCal Corporation changed its legal name to MUFG Americas Holdings Corporation. On September 21, 2021, MUFG Union Bank, N.A. announced that it would be acquired by US Bancorp.
