Union Bank, N.A., will open its first commercial branch in Chicago as part of its ongoing expansion strategy designed to better serve existing commercial banking clients and build new relationships. The branch will accept deposits from commercial customers and will provide corporate treasury services. Union Bank opened a commercial branch in Dallas in 2009 and another in New York City in 2011.
“Chicago is the hub for many of our business operations in the region and we look forward to providing our clients more personalized services designed for their individual needs, whether their business is focused domestically or internationally,” said JoAnn Bourne, senior executive vice president and head of Union Bank’s global treasury management group. “It’s essential that we operate in close proximity to our clients and centralizing our business offerings in Chicago allows us to expand our outreach and grow our client base.”
Union Bank has been lending to corporate customers in Chicago for more than 20 years, providing a wide range of commercial banking services including treasury management, foreign exchange, custody, government services, and corporate and institutional trust, among others. The new commercial branch will provide a complete suite of banking services to companies conducting business in Chicago as well as to multi-national clients.
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 deposit and cash management services for multinational companies.
“Our partnership with BTMU provides clients access to two strong financial institutions,” said Bourne. “Our credit ratings reflect this strength and are among the highest ratings of leaders in our peer group, with S&P Moody’s tier 1 short-term ratings of A-1/P-1 and long-term ratings of A+/A2 for Union Bank, and A+/Aa3 for BTMU. Furthermore, this partnership allows companies doing business overseas with a full complement of global financial management services and a vital understanding of the history, customs, regulations and operating systems of the global marketplace particularly in Asia and Latin America, the two fastest growing regions in the world.”