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UNION BANK TO OPEN FIRST COMMERCIAL BRANCH OFFICE IN NEW YORK CITY
For Immediate Release
Bank expanding national footprint to meet the demands of its U.S. and Asian multi-national clients
SAN FRANCISCO - June 6, 2011 - Union Bank, N.A., will open its first commercial branch in New York City as part of a strategic expansion designed to better serve existing commercial banking clients and to expand new relationships based on the East Coast. The new office, scheduled to open in June 2011, will be located at 1251 Avenue of the Americas in midtown Manhattan. The new branch follows an earlier expansion into Texas in 2009 when Union Bank opened a commercial banking office in Dallas.
"New York is the financial capital of the United States, the headquarters for many U.S. and multi-national companies, and the home to many of our clients," said JoAnn Bourne, senior executive vice president and head of Union Bank’s global treasury management group. "It's imperative that we conduct business in closer proximity to our clients and develop new relationships with companies conducting business overseas."
Union Bank has been lending to corporate customers in New York for decades, providing a wide range of commercial banking services including treasury management, foreign exchange, custody, and corporate and institutional trust, among others. The new commercial branch will provide a complete suite of banking services to multi-national clients as well as companies that prefer to conduct business in New York. The branch will accept deposits from commercial customers and will provide corporate treasury services.
Union Bank's holding company, UnionBanCal Corporation, is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi, UFJ, Ltd., (BTMU), one of the world’s largest commercial banking companies with offices in 40 countries. Bourne leads a joint initiative with BTMU to provide global deposit and cash management services for multinational companies.
"Many U.S. based companies are expanding their operations overseas, particularly in Asia," she said. "Union Bank has the expertise, particularly when partnering with BTMU, in providing them global financial management for all their banking needs."