NEW YORK, Jan. 16, 2019 /PRNewswire/ -- MUFG Americas
Holdings Corporation (MUAH) and GE Capital today announced the
signing of an agreement where MUFG Union Bank, N.A., a
subsidiary of MUAH, will acquire Trade Payable Services (TPS), a
leading supply chain finance platform, from GE Capital. Terms of
the transaction were not disclosed.
MUAH is the U.S. intermediate holding company of Mitsubishi UFJ
Financial Group, Inc. (MUFG), one of the world's leading financial
institutions with a global network of over 1,800 locations in
more than 50 countries.
Following the close of the proposed transaction, MUFG Union Bank
will assume management control of the systems and processes
supporting the supply chain finance activities that GE Capital
performs for GE (NYSE: GE).
"The acquisition of this world-class platform accelerates MUFG's
growth trajectory in supply chain finance and broadens our presence
in this business," said Kevin
Cronin, MUFG's Head of North America Wholesale and
Investment Banking. "TPS' scale and functionality, combined with
the outstanding product and coverage capabilities of our supply
chain finance team, give MUFG a distinct competitive advantage in
this high-growth segment."
The TPS platform supports relationships with GE suppliers
worldwide. Upon closing of the transaction, which is subject to
closing conditions, regulatory approvals, and
information/consultation processes where required in accordance
with local laws, GE suppliers will have the opportunity to
transition to a new program with MUFG over the course of 18 to 24
months.
"This is a positive development for GE Capital and for our GE
industrial partners, external customers, and the suppliers we work
with globally," says Alec
Burger, President of GE Capital. "MUFG's position as a
leading global financial institution and its strong supply chain
finance capabilities make it an ideal fit for our TPS
platform. We look forward to working with MUFG and are
committed to ensuring a smooth transition of the platform from GE
Capital."
Jon Lindenberg, Head of
MUFG's Investment Banking for the Americas, said: "Global supply
chain financing is undergoing significant change driven by new
fintech entrants, adoption of blockchain and other market-driven
disruptions. By acquiring TPS, MUFG gains its flexible,
state-of-the-art functionality immediately. Over the long term, we
are committed to making incremental investments in this platform
that will further differentiate us from our competitors."
"Through the addition of TPS, MUFG is now able to deliver a full
suite of working capital solutions that address our clients'
growing needs to optimize short-capital positions," said
Maureen Sullivan, MUFG's Head
of Supply Chain Finance for the Americas. "We look forward to
introducing MUFG's clients to our new team and platform as we
extend our offering of supply chain finance capabilities."
About Mitsubishi UFJ Financial Group, Inc.'s U.S. Operations
including MUFG Americas Holdings Corporation
The U.S. operations of Mitsubishi UFJ Financial Group, Inc.
(MUFG), one of the world's leading financial groups, has total
assets of $326.5 billion at
September 30, 2018. As part of that
total, MUFG Americas Holdings Corporation (MUAH), a bank holding
company and intermediate holding company, has total assets of
$161.0 billion at September 30, 2018. MUAH's main
subsidiaries are MUFG Union Bank, N.A. and MUFG Securities Americas
Inc. MUFG Union Bank, N.A. provides a wide range of financial
services to consumers, small businesses, middle-market companies,
and major corporations. As of September 30,
2018, MUFG Union Bank, N.A. operated 354 branches,
consisting primarily of retail banking branches in the West Coast
states, along with commercial branches in Texas, Illinois, New
York and Georgia, as well
as 22 PurePoint® Financial Centers. MUFG Securities Americas Inc.
is a registered securities broker-dealer which engages in capital
markets origination transactions, private placements,
collateralized financings, securities borrowing and lending
transactions, and domestic and foreign debt and equities securities
transactions. MUAH is owned by MUFG Bank, Ltd. and Mitsubishi UFJ
Financial Group, Inc. MUFG Bank, Ltd., a wholly owned subsidiary of
Mitsubishi UFJ Financial Group, Inc., has offices in Argentina, Brazil, Chile, Colombia, Peru and Canada as well as branches, agencies and
representative offices in the U.S. Visit
https://www.unionbank.com/ or
https://www.mufgamericas.com/ for more information.
About MUFG
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the
world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG
has a global network with over 1,800 locations in more than 50
countries. The Group has over 150,000 employees and offers services
including commercial banking, trust banking, securities, credit
cards, consumer finance, asset management, and leasing. The Group
aims to "be the world's most trusted financial group" through close
collaboration among our operating companies and flexibly respond to
all of the financial needs of 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 stock exchanges. For more
information, visit https://www.mufg.jp/english.
About GE Capital
GE Capital, headquartered in Norwalk,
CT, is the financial services division of GE, focused on
serving customers and markets aligned with GE's industrial
businesses. From emerging markets to developed economies, our
focused team of finance experts connect capital to infrastructure
and deliver innovative financial solutions that help make the world
work better. For more information, please visit
www.gecapital.com.
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SOURCE MUFG Americas Holdings Corporation