U.S. Bank recently announced its acquisition of New York City-based MUFG Union Bank in an $8 billion deal.  

The deal was originally announced in September 2021, with the $591 billion bank acquiring Union Bank from Mitsubishi UFJ Financial Group, according to a release from U.S. Bank. System integrations and account conversions are expected to be finalized in the first half of 2023.

The acquisition will help U.S. Bank expand its customer base in the western part of the country, U.S. Bank Chairman, President and Chief Executive Andy Cecere said in the release. 

“The acquisition of MUFG Union Bank underscores U.S. Bank’s commitment to creating economic opportunities for our customers and communities across the West Coast,” Cecere said. “The closing of this acquisition brings together two premier organizations and their teams who are focused on putting customers first.” 

U.S. Bank expressed that it would continue to adopt digital capabilities to drive growth and improve client relationships as part of its third-quarter earnings call in October. 

Deutsche Bank taps Nvidia for AI-powered financial services

Frankfurt, Germany-based Deutsche Bank announced Wednesday that it will integrate software company Nvidia‘s enterprise platform to streamline AI- and machine learning (ML)-powered financial services to its clients. 

The $1.4 trillion bank is aiming to deliver faster functionality within its business processes, such as accelerated computing meshed with AI to help deliver risk scenarios to its traders. For employees, the bank is expanding its internal use of AI to develop the professional skills of its workforce, according to a bank release. 

“This partnership is a significant step forward in our AI and ML ambitions,” said Bernd Leukert, head of technology, data and innovation at Deutsche Bank. 

The move is the bank’s latest in a series of technology-driven strategies, including an extension of its long-time partnership with IT company Kyndryl in October. 

Eltropy, Origence team on loan origination 

Lending technology solutions provider Origence will integrate systems with digital communications company Eltropy to deliver enhanced loan origination systems (LOS) capabilities to community banks. 

Improved LOSs will bring “higher close rates, fewer abandonments and SMS messaging features that create a better user experience during the loan process,” according to a release. 

“This partnership is a huge win-win for credit unions and community banks,” said Bill Lynch, vice president of partnerships at Origence. “With arc OS, they can completely transform the lending experience for essentially every type of loan. Eltropy messaging solutions will streamline that borrower experience even more — resulting in the ultimate loan origination experience for members and potential members.” 

BIC Bank selects Compass Plus for payment services

Cambodia-based BIC Bank has migrated its in-house payment processing center to U.K.-based Compass Plus Technologies in an effort to expand its digital offerings, according to a release. 

The migration allows the $357 million bank to add Mastercard-branded debit cards, accept them at BIC’s ATMs and point-of-sale terminal networks, and ensure safer online transactions using 3D secure authentication, according to the release. 

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