MUFG Union Bank is to acquire GE Capital’s supply chain finance platform Trade Payable Services (TPS). The TPS platform provides early payment services to over 42,000 GE suppliers worldwide, who will now be invited to sign up to a new programme with MUFG over the next 18 to 24 months.
MUFG plans is to make ‘incremental investments’ in developing the TPS platform, said Jon Lindenberg, head of investment banking for the Americas at MUFG.
“Through the addition of TPS, MUFG is now able to deliver a full suite of working capital solutions that address our clients’ growing needs to optimize short-capital positions,” added Maureen Sullivan, MUFG’s head of supply chain finance for the Americas. “We look forward to introducing MUFG’s clients to our new team and platform as we extend our offering of supply chain finance capabilities.”