Union Bank Aligns Businesses in Preparation for Significant Expansion in Wealth Management

Union Bank of California, N.A., today announced the organizational realignment of its wealth management business into the global markets group, which also houses the bank’s asset management and brokerage units. The organizational realignment allows Union Bank to execute on a major strategic commitment to expand the bank’s wealth market presence. Executive Vice President Mary Curran, who heads the bank’s wealth management group, will now report to Senior Executive Vice President and head of Global Markets, Johannes (Johs) Worsoe. Curran will join a management team that also includes Earle Malm, senior vice president and CEO of the asset management subsidiary, HighMark Capital Management; Steven Short, senior vice president and CEO of the investment brokerage subsidiary, UnionBanc Investment Services LLC; and Michael Janes, senior vice president and CEO of the insurance subsidiary, UnionBanc Insurance Services, Inc. "We have made this strategic decision to greatly expand Union Bank’s already sizable wealth management presence,” said Worsoe. "By housing our private banking, personal trust, asset management and brokerage businesses under one integrated group, we now have the ability to further enhance our client facing teams and create a more seamless interface to our high net worth prospects and clients.” Union Bank operates 13 private banking and personal trust offices throughout California and the Pacific Northwest. The bank’s San Francisco-based HighMark Capital Management subsidiary manages more than $21 billion in assets. UnionBanc Investment Services LLC and UnionBanc Insurance Services, Inc., offer a broad array of investment, life, and personal lines insurance solutions to affluent and high net worth individuals. Union Bank employs more than 1,000 professionals across these businesses. "With our broad set of banking, trust, investment and risk management solutions Union Bank has what it takes to earn the continued trust of our wealth clients, including business owners, executives, and professional firms,” said Curran. "We will now have a more targeted team approach to the markets and segments we serve, and we’ll have the ability to create a client experience our competitors just can’t match.” The global markets group under Worsoe also houses the bank’s foreign exchange, derivatives, custody, corporate trust and retirement businesses. Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank holding company with assets of $55.7 billion at December 31, 2007. Its primary subsidiary, Union Bank of California, N.A., had 330 banking offices in California, Oregon and Washington, and 2 international offices at December 31, 2007. The company’s Web site is located at www.unionbank.com