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MUFG Union Bank acquiring supply chain finance platform from GE Capital

MUFG Americas Holdings Corp. entered into an agreement with GE Capital in which MUFG Union Bank NA will acquire Trade Payable Services from GE Capital.

Terms of the transaction were not disclosed. After the close of the transaction, MUFG Union Bank will take up management control of the systems and processes supporting the supply chain finance activities that GE Capital performs for General Electric Co.

After the transaction closes, General Electric suppliers will have the chance to move to a new program with MUFG over the course of 18 to 24 months, the companies said.