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Federal Reserve approves U.S. Bancorp bid to acquire MUFG Union Bank

Reuters

WASHINGTON, Oct 14 (Reuters) - The Federal Reserve announced Friday it had approved an application by U.S. Bancorp to acquire MUFG Union Bank.

The $8 billion deal to acquire the U.S. retail arm of Mitsubishi UFJ Financial Group had been previously announced in September 2021. The Fed said alongside approving the merger, U.S. Bancorp has promised to update its plan for how it could be safely resolved and how it will adhere to heightened prudential standards. (Reporting by Pete Schroeder)