U.S. Bank acquires debt servicing & securities custody services client portfolio of MUFG Union Bank

U.S. Bank has entered into a definitive agreement to purchase the debt servicing and securities custody services client portfolio of MUFG Union Bank, N.A. Under the terms of the agreement, U.S. Bank will acquire approximately 600 client relationships and USD320bn AuC/A. The deal is expected to close in the first quarter of 2021, subject to regulatory approval and customary closing conditions. Financial terms were not disclosed. U.S. Bank’s investment services division has >USD7.7trn AuC/A.