Mitsubishi UFJ Financial Group Inc. is considering selling its U.S. banking arm, as consolidation heats up in the American financial industry, people familiar with the matter said, Bloomberg reported.

According to Bloomberg, the Japanese lender is working with an adviser to explore options for MUFG Union Bank NA. Bloomberg said the sources asked to not be identified because the matter isn’t public. Mitsubishi UFJ has held some informal discussions with select potential buyers of the unit, though it isn’t conducting a formal auction process, the people said.

No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, the people said. A representative for Mitsubishi UFJ declined to comment, Bloomberg reported.

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