MUFG Union Bank avoids closures with bare-bones branches

US bank's shift to smaller locations serves as litmus test for Japanese parent group

There are roughly 300 Union Bank locations across the U.S., including this one in Seattle. (Photo by Yumiko Oshima)

YUMIKO OSHIMA, Nikkei staff writer

July 22, 2021 23:33 JST

NEW YORK -- Japanese-owned MUFG Union Bank will make more than 80% of its U.S. branches stripped-down locations to cut costs while maintaining its reach to customers, its newly appointed CEO said in an interview.

Union Bank will keep its current network of about 300 locations, but will have 45 locations serve as full-service anchor branches while the rest will be smaller limited-service branches, Kevin Cronin said.