U.S. Bancorp to Acquire Custody Services Portfolio

U.S. Bancorp (NYSE: USB) has announced that it will acquire the debt-servicing and securities custody services client portfolio from Japanese bank Mitsubishi UFJ Financial Group (OTC: MBFJ.F) for an undisclosed amount.

The portfolio includes roughly 600 client relationships and $320 billion in assets under custody and administration.

Gunjan Kedia, vice chair of U.S. Bancorp's wealth management and investment services division, said: "This transaction is a great fit for U.S. Bank. We are thrilled to have the opportunity to increase our presence on the West Coast and solidify our position as a leading provider of corporate trust, institutional trust, and fund custody services." 

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Source Fool.com