Regulators approve U.S. Bank’s $8B purchase of Union Bank

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Key financial regulators having approved U.S. Bank’s $8 billion acquisition of Japanese financial titan MUFG’s Union Bank franchise. The moves clear big regulatory hurdles for a deal that will push U.S. Bank closer to the size of Wall Street’s mega banks. The regulators stipulated in their approvals that U.S. Bank must find ways to quickly and easily sell off parts its business in cases of severe economic distress. That’s because of the concern regulators have about the growing size of the so called “super regional” banks like U.S. Bank, Truist and PNC Financial.