Report says Japan’s Mitsubishi UFJ considers sale of US banking arm

TOKYO. Mitsubishi UFJ is considering selling its US banking arm MUFG Union Bank, Bloomberg reported yesterday, in what would mark a significant strategy shift for Japan’s biggest lender.

Mitsubishi UFJ, one of the world’s biggest banks by assets, is working with an adviser to explore options for the US subsidiary, Bloomberg reported, citing people familiar with the matter.

A Mitsubishi UFJ spokesperson said the bank had no comment on the matter.

The Japanese bank has had some informal talks with potential buyers but has not started a formal auction, Bloomberg said. MUFG Union Bank had around 300 branches as of the end of last year, with most of those retail branches on the West Coast of the United States, its website shows.