Union Bank of California
The 2008-present logo
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| Subsidiary | |
| Traded as | : MTU (member of the Mitsubishi UFJ Financial Group) |
| Industry | Banking |
| Founded | 1864 (as The Bank of California) 1996 (as Union Bank of California) 2008 (as UnionBank) |
| Headquarters |
1251 Avenue of the Americas New York, New York |
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Key people
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| Total assets | $106.7 billion (USD). |
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Number of employees
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Over 10,000 |
| Parent | The Bank of Tokyo-Mitsubishi UFJ through MUFG Americas Holdings Corporation |
| Website |
www www |
MUFG Union Bank (stylized as UnionBank) is an American full-service bank with 398 branches in California, Washington and Oregon which is wholly owned by The Bank of Tokyo-Mitsubishi UFJ. The bank, formerly known as Union Bank of California, N.A., has operations in California, Washington and also has commercial branches in Dallas, Houston, New York City and Chicago, as well as two international offices. Headquartered in New York City, MUFG Union Bank, N.A. is a subsidiary of holding company MUFG Americas Holdings Corporation and a member of the Mitsubishi UFJ Financial Group (: MTU).
As of December 31, 2014, MUFG Americas Holdings Corporation had $113.7 billion (USD) in assets and the Mitsubishi UFJ Financial Group had total assets of approximately $2.3 trillion (USD). Its foundation is built on five lineages; three originate in California and two in Japan.
In May 1996, Mitsubishi Bank and the Bank of Tokyo merged in Japan. In San Francisco, the Bank of California and Union Bank consolidated into UnionBanCal Corporation, a bank holding company, and its primary subsidiary Union Bank of California, N.A. With the merger, Union Bank could now trace its history back to the founding of the Bank of California 132 years before. In 1999, UnionBanCal Corporation became a publicly traded company listed on the New York Stock Exchange (NYSE:UB).
On October 19, 2004, the Federal Reserve Board announced that Union Bank had entered into a written agreement to avoid criminal prosecution for money-laundering. Three years later, Union Bank was again accused of money-laundering and in September, 2007, the Department of Justice and the Treasury Department announced that Union Bank had agreed to pay $31.6 million in penalties and forfeitures to settle government claims that it had been implicated in an elaborate drug money laundering scheme involving Mexican exchange houses known as casas de cambio.
In August 2008, Mitsubishi UFJ offered to buy the 35 percent of Union Bank it did not already own, which Union Bank accepted. On November 4, 2008, the Bank of Tokyo-Mitsubishi UFJ (BTMU), a wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), announced that BTMU had successfully acquired all of the outstanding shares of UnionBanCal Corporation.
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Wikipedia