Sullivan & Cromwell and Nishimura & Asahi have represented Japan’s Mitsubishi UFJ Financial Group (MUFG) on its $8 billion sale of MUFG Union Bank (MUB) to U.S. Bancorp, which was counselled by Simpson Thacher & Bartlett.
Reuters reported that with this deal, MUFG is pulling back from U.S. retail banking. MUFG will focus on corporate and investment banking in the United States through other units and through its partnership with Morgan Stanley, which is a fifth owned by the Japanese bank.
The Simpson Thacher team was led partners Lee Meyerson and Ravi Purushotham, while the Sullivan team included senior chair H. Rodgin Cohen and partner Donald J. Toumey.
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