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.

Just Posted

Community-led efforts to monitor air quality in Bayview, Eastern neighborhoods gain traction

San Francisco community groups are working to install high-quality sensors in the… Continue reading

Homeless shelter opponents use attack as ammunition in fight against city

A week after being attacked outside her condo building near the Embarcadero,… Continue reading

Fire department drill finds traffic around Chase Arena could slow response time

For years, some have feared the future home of the Golden State… Continue reading

Did Scoot ‘redline’ SF neighborhoods? Chinatown group says ‘we asked for it’

The talk of the transportation world is a Los Angeles Times story… Continue reading

New hires solve SF school crossing guard shortage — for now

San Francisco has gone on a school crossing guard-hiring binge, hoping to… Continue reading

Most Read