Mitsubishi UFJ Financial Group, Inc. (MUFG - NYSE: MTU), one of
the world's leading financial groups, announced that effective
today it is designating its current U.S. bank holding company, MUFG
Americas Holdings Corporation (MUAH), as its Intermediate Holding
Company (IHC) in accordance with the requirements of the U.S.
Federal Reserve Board’s final rules for Enhanced Prudential
Standards (the EPS Rules). The reorganization also allows all
material U.S. subsidiaries of MUFG to be clearly aligned as one
team.
As the designated IHC, MUAH now directly holds the major U.S.
subsidiaries of MUFG, including MUFG Union Bank, N.A. (MUB); MUFG
Securities Americas Inc. (MUS(USA)), the former U.S. subsidiary of
Mitsubishi UFJ Securities Holdings Co., Ltd; and MUFG Fund Services
(USA) LLC (MFS(USA)), the former U.S. subsidiary of Mitsubishi UFJ
Trust and Banking Corporation (MUTB). In line with the EPS Rules,
all remaining U.S. subsidiaries of MUFG will be transferred under
MUAH by July 2017.
Also effective today, MUS(USA) has changed its legal name to
MUFG Securities Americas Inc. from Mitsubishi UFJ Securities (USA),
Inc., to emphasize a single, cohesive MUFG brand that offers
clients access to a broader suite of products and services under a
single holding company.
“After thousands of hours of collaboration and work by
colleagues from the United States to Japan, MUFG is pleased to have
successfully met this important U.S. regulatory requirement,” said
Kanetsugu “Sugu” Mike, Group Head of Global Business Group,
MUFG; and MUFG and The Bank of Tokyo-Mitsubishi UFJ, Ltd. Regional
Executive for the Americas. “The MUFG team showed unwavering
dedication in achieving this goal without sacrificing service to
our clients and customers – and for that, we are grateful.”
President and CEO of MUAH, Stephen Cummings, who assumes
the role of CEO for the IHC, added: “These changes provide a
stronger governance and risk-management structure in the U.S., in
addition to creating a more streamlined organization. Further, we
are now in a stronger position to go to market with a unified MUFG
brand across our various lines of business."
In another move to comply with the EPS Rules, MUFG has announced
the establishment of the U.S. Risk Committee under the MUFG Board
Risk Committee; the new Committee will oversee all types of risk at
the combined U.S. operations level.
In February 2014, the Federal Reserve Board approved final rules
to strengthen the supervision and regulation of large U.S. bank
holding companies and foreign banking organizations (FBOs) by
establishing the EPS Rules, a series of enhanced prudential
standards to help increase the resiliency of their operations.
These Rules – targeting liquidity, risk management, and capital –
require an FBO with a significant U.S. presence to establish an IHC
to directly hold U.S. subsidiaries it owns or controls to
facilitate consistent supervision and regulation of those U.S.
operations. The EPS Rules were required as part of the Dodd-Frank
Wall Street Reform and Consumer Protection Act.
About MUFG Americas Holdings Corporation
Headquartered in New York, MUFG Americas Holdings Corporation is
a financial holding company and bank holding company with total
assets of $120.9 billion at March 31, 2016. Its principal
subsidiary, MUFG Union Bank, N.A., provides an array of financial
services to individuals, small businesses, middle-market companies,
and major corporations. As of March 31, 2016, MUFG Union Bank, N.A.
operated 370 branches, comprised primarily of retail banking
branches in the West Coast states, along with commercial branches
in Texas, Illinois, New York, and Georgia, as well as two
international offices. MUFG Americas Holdings Corporation as of
July 1, 2016, is owned by The Bank of Tokyo-Mitsubishi UFJ, Ltd.
and Mitsubishi UFJ Financial Group, Inc., one of the world’s
leading financial groups. The Bank of Tokyo-Mitsubishi UFJ, Ltd. is
a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc.
Visit www.unionbank.com or www.mufgamericas.com for more
information.
About MUFG (Mitsubishi UFJ Financial Group, Inc.)
MUFG (Mitsubishi UFJ Financial Group, Inc.) is one of the
world’s leading financial groups, with total assets of
approximately ¥298.3 trillion (JPY) or $2.6 trillion (USD)¹, as of
March 31, 2016. Headquartered in Tokyo and with approximately 350
years of history, MUFG is a global network with over 2,000 offices
in nearly 50 countries. The Group has over 140,000 employees and
about 300 entities, offering services including commercial banking,
trust banking, securities, credit cards, consumer finance, asset
management, and leasing. The Group’s operating companies include
The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mitsubishi UFJ Trust and
Banking Corporation (Japan’s leading trust bank), and Mitsubishi
UFJ Securities Holdings Co., Ltd., one of Japan’s largest
securities firms. Through close partnerships among our operating
companies, the Group aims to “be the world’s most trusted financial
group”, flexibly responding to all of the financial needs or our
customers, serving society, and fostering shared and sustainable
growth for a better world. MUFG’s shares trade on the Tokyo,
Nagoya, and New York (NYSE: MTU) stock exchanges. Visit
www.mufg.jp/english/index.html.
1 Exchange rate of 1 USD=¥112.68 (JPY) as of March 31, 2016
Cautionary Statement Concerning Forward-Looking
Information
This document includes forward-looking statements such as those
relating to the strength in the market of our unified MUFG brand.
Forward-looking statements involve risks and uncertainties and can
be identified by the fact that they do not relate strictly to
historical or current facts. Often, they include the words
“believe,” “continue,” “expect,” “target,” “anticipate,” “intend,”
“plan,” “estimate,” “potential,” “project,” or words of similar
meaning, or future or conditional verbs such as “will,” “would,”
“should,” “could,” or “may.” There are numerous risks and
uncertainties that could and will cause actual results to differ
materially from those discussed in MUAH’s forward-looking
statements. Many of these factors are beyond MUAH’s ability to
control or predict and could have a material adverse effect on
MUAH’s financial condition, results of operations and/or prospects.
Such risks and uncertainties include, but are not limited to, risks
and uncertainties discussed in MUAH’s public filings with the SEC.
All forward-looking statements included in this document are based
on information available at the time of such document, and MUAH
assumes no obligation to update any forward-looking statement.
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Mitsubishi UFJ Financial Group, Inc.Press
contact:Rich Silverman, 1-212-782-5953orInvestor Relations
contact:Doug Lambert, 1-212-782-5911
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