Union Bank selling retirement recordkeeping unit to Prudential

San Francisco-based Union Bank of California has agreed to sell its retirement recordkeeping unit to Prudential Retirement.

The bank, a subsidiary of UnionBanCal Corp. (UB), concluded that it would be unable to compete effectively in a rapidly consolidating industry and could not make needed investments in technology, officials said in a statement.

At closing, UnionBanCal expects to record an after-tax gain of approximately $59 million, or $0.43 per share. In addition, the company is expected to record divestiture-related charges, primarily personnel-related, of approximately $7 million after-tax, or $0.05 per share, in the fourth quarter.

businessBusiness & Real Estate

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

SFMTA cuts wellness program for Muni operators during pandemic

BackFirst provided preventative care for chronic disease plus help with diet, exercise and stress

In Brown Type: The Asian American vote: new survey reveals engagement and trend to progressivism

The 2016 election and ‘Trump effect’ have fired up the voting bloc

Ruth Bader Ginsburg, liberal giant of the Supreme Court, dies

Justice Ruth Bader Ginsburg, who championed women’s rights — first as a… Continue reading

Four officers found to have committed misconduct escape discipline

Four officers who should have been punished for misconduct escaped discipline because… Continue reading

Breed says limited indoor dining to resume if COVID-19 data improves

Restaurants could open for limited indoor dining as early as the end… Continue reading

Most Read