MUFG Bank Sold 24 Million U.S. Bancorp Shares
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Dow Jones
TOKYO--MUFG Bank, the banking unit of Mitsubishi UFJ Financial Group, said it sold 24 million shares in U.S. Bancorp, a move that comes as Japanese companies are urged to improve their capital efficiency.
MUFG Bank still holds about 44 million shares of U.S. Bancorp and will continue to maintain a long-term relationship, it said Tuesday.
The Japanese megabank has been collaborating with U.S. Bancorp to provide banking services for Japanese retail customers in the U.S.
The bank said the stock sale would have no material impact on its financial results for the year ending March.
Write to Megumi Fujikawa at megumi.fujikawa@wsj.com
(END) Dow Jones Newswires
August 20, 2024 04:30 ET (08:30 GMT)
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