Union Bank of California Expands Services to Affluent Consumers and Small Business Owners
17 April 2008 - 12:00AM
Business Wire
In its most significant expansion of services to affluent consumers
and small business owners to date, Union Bank of California, N.A.
is opening 35 new Priority Banking offices in 2008. Located within
existing Union Bank branches, the offices are staffed by a team of
personal bankers who provide one-on-one consulting and a suite of
specialized financial services. The bank already has more than 30
Priority Banking units operating throughout its 330 branch network.
The majority of the new offices will be strategically located in or
around major metropolitan areas, with 10 in the San Francisco Bay
area, seven in the San Diego region and 13 in the Los Angeles area.
With the addition of the new locations, Union Bank will have a
total of 71 offices focusing on the specific needs of affluent
customers and small business owners. According to Senior Vice
President Kirk Van Atta, who directs Union Bank�s Priority Banking
program, the units adapt to the preferences of a small but
increasingly influential segment of the population. Of the
approximately 114 million households in the country, the affluent
market represents almost 20 percent with more than $11.7 trillion
in investable assets. �Today�s affluent consumers and small
business owners are extremely busy, sophisticated and mobile,� said
Van Atta. �They demand a higher level of attention, expertise and
convenience, and we are in a position to help them achieve the next
level of financial success.� Priority Banking caters to individuals
and small business owners with more than $100,000 in combined
account balances, providing a personal banker, financial planning
and portfolio management, investments and insurance. Of particular
note, said Van Atta, Priority Bankers help small business owners
integrate their personal and business finances into a comprehensive
plan to maximize returns, as well as assist them with such issues
as succession planning. 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.
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