Walmart adds BNPL to self-checkout via Affirm, Uber integrates with payment firms Brex and Ramp, Fulton Financial announces next president and more in the weekly banking news roundup.
Fulton Financial taps insider to become next president
Walmart adds BNPL to self-checkout via Affirm partnership
Uber expands services for business travel payments
Japan’s MUFG to buy Australia’s Link in $744 million deal
The unit of Japan's largest bank, Mitsubishi UFJ Financial Group, will pay A$2.10 per share, a 23.5% premium to Friday's closing stock price, according to a statement from Mitsubishi on Monday. Link, in a separate statement, said its board unanimously recommended shareholders vote in favor of the transaction.
The deal comes a year after the Australian pension fund administration firm said that it could not agree to "appropriate terms" with Canada's Dye & Durham regarding a sale of multiple parts of its business that together had been valued at A$1.27 billion. — Adam Haigh and Harry Brumpton, Bloomberg News
Santander buys stake in Signature Bank loan portfolio for $1.1 billion
The FDIC sold a 20% stake in a venture that holds roughly $9 billion in loans to an entity controlled by Santander Bank NA, according to a statement Wednesday. The entity, SBNA Investor, paid $1.1 billion. The FDIC will retain an 80% interest in the venture, which holds loans that are backed by rent-stabilized or rent-controlled apartment properties.
The transaction marks the final step in the FDIC's plan to offload about $33 billion of commercial-property loans held by Signature Bank, which failed earlier this year. The government agency has been seeking to sell stakes in ventures tied to the debt, while also carefully navigating concerns of elected officials and community organizers because a portion of the loans are tied to rent-regulated apartments.
A joint venture including Blackstone and Canada Pension Plan Investment Board agreed to buy a $1.2 billion stake in a nearly $17 billion portfolio of commercial-property loans from Signature. Separately, Related Fund Management, an investment manager affiliated with Steve Ross's Related Cos., teamed up with two nonprofits to take stakes in ventures holding a total of $5.8 billion of loans tied to rent-regulated apartment buildings. — Natalie Wong and Patrick Clark, Bloomberg News