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MUFG US unit to close all physical branches for internet banking

MUFG Union Bank NA, a U.S. unit of Mitsubishi UFJ Financial Group Inc., is closing all 22 physical branches of its PurePoint Internet banking service, The Nikkei reported Jan. 15.

Following PurePoint's 2017 launch, the bank established branches in the U.S. for the service to build customer recognition and attract clients. It now has 70,000 accounts and roughly $7 billion in deposits.

MUFG decided that physical branches were no longer necessary as most customers had fully migrated to online banking. The closures at the end of February will lower headcount of its U.S. unit by 70.