MUFG Union Bank in New York has agreed to buy a supply chain finance platform from GE Capital.
The $124 billion-asset unit of Mitsubishi UFJ Financial Group said in a press release Wednesday that it would buy Trade Payable Services. MUFG did not disclose the price.
After the deal closes, MUFG will take over control of the systems and processes supporting the supply chain finance activities that GE Capital performs for General Electric. The TPS platform supports relationships with GE suppliers worldwide; GE suppliers will have up to 24 months to transition to a new program with MUFG.
The deal “accelerates MUFG's growth trajectory in supply chain finance and broadens our presence in this business," Kevin Cronin, MUFG's head of North America wholesale and investment banking, said in the release.
"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,” Cronin added.
The deal comes just weeks after MUFG bought