BTMU (Bank of Toyko-Mitsubishi), a subsidiary of the Mitsubishi UFJ Financial Group, Inc. (MUFG), revealed it’ll relabel its U.S. monetary holding business subsidiary, UnionBanCal Corporation, and its U.S. nationwide Bank, Union Bank, N.A.
The name change isn’t going to injure your financial resources, but exactly what exactly does it suggest? Exactly what’s the point of the changes in general? If you’re worried about exactly what’s going to occur to your money then you need to spend some time to find out how this merger is going to work.
What modifications will take place with Union Bank?
As of July 1, 2014, BTMU’s Americas banking operation will be integrated and operated under a single management structure. This means Union Bank, N.A. will certainly be integrated into MUFG Union Bank, N.A. In addition, the U.S. monetary holding business, UnionBanCal Corporation, will be relabelled ‘MUFG Americas Holdings Corporation,’ and it’ll certainly monitor BTMU’s Americas banking operation, which consists of Union Bank, N.A., BTMU branches in the U.S. and BTMU branches and subsidiaries in Latin America and Canada.
The corporate headquarters for MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. will certainly be found in New york city City. Their existing sales company covering both the West and East Coasts in the U.S. are anticipated to continue to be in their places for additional development. You can expect the L.a, New York, and Chicago branches of BTMU to likewise stay fully functional in order to offer complete customer service.
To clarify, there are two name changes to take note of. The first will certainly be the name modification of MUFG Americas Holdings Corporation to MUFG Union Bank, N.A.
The 2nd name modification that’ll happen will certainly be UnionBanCal Corporation to Union Bank, N.A.
The President and CEO, Masashi Oka, will certainly stay in his existing position through the transition.
According to Company Wire, there are no direct capital ties between MUFG Americas Holdings Corporation or any BTM U.S. branches, Canada and Latin America branches or subsidiaries. Rather, MUFG Americas Holdings Corporation will certainly manage the branches and subsidiaries through management service agreements.
Why the change?
The first reason was to utilize the MUFG brand, which is an internationally recognized brand, to assist identify membership with the organization. Secondly, by integrating both the MUFG international brand name with Union Bank, a name recognized in the U.S., the company can attract two kinds of clients.
The MUFG brand name is focuseded on drawing in corporate banking customers, while the Union Bank brand will be used more for attracting both industrial and retail banking clients.