Union Bank Completes Acquisition of PB Capital Corporation's Commercial Real Estate Portfolio
SAN FRANCISCO--(BUSINESS WIRE)-- Union Bank, N.A. today announced that it has completed the acquisition of PB Capital Corporation's institutional commercial real estate (CRE) lending division. The acquisition, which was announced on April 7, 2013, expands Union Bank's CRE presence in the U.S. and provides geographic and asset class diversification.
Union Bank's Real Estate Industries Group will manage from New York City the approximately $3.5 billion in loans outstanding on properties in major metropolitan areas across the U.S. that were previously held by PB Capital's CRE lending division. As part of the acquisition, and to facilitate Union Bank's growth strategies, senior management and 20 key staff have transitioned from PB Capital to Union Bank. PB Capital Corporation is a wholly-owned subsidiary of Deutsche Bank AG.
About UnionBanCal Corporation & Union Bank, N.A.
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $97 billion at March 31, 2013. Its primary subsidiary, Union Bank, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 443 branches in California, Washington, Oregon, Texas, Illinois, and New York as well as two international offices, on March 31, 2013. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world's largest financial organizations. Visit http://www.unionbank.com for more information.
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Joanne Curran, 213-236-5017
KEYWORDS: United States North America California New York
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