U.S Bank’s $8B Acquisition of Union Bank Approved

Key financial regulators on Friday approved U.S. Bank’s $8 billion acquisition of Japanese financial titan MUFG’s Union Bank franchise, clearing big regulatory hurdles for a deal that will push U.S. Bank closer to the size of Wall Street’s mega banks.

But in reaching those approvals, both the Office of the Comptroller of the Currency and the Federal Reserve expressed concern about the recent growth of so called “super regional” banks like U.S. Bank, Truist and PNC Financial.

The OCC stipulated in its approval that U.S. Bank must find ways to quickly and easily sell off parts its business in cases of severe economic distress.

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