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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

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Union Bank


RE: Union Bank San Francisco, California

Application Pursuant to Section 24(a) of the Federal Deposit Insurance Act to Indirectly Continue Activity That May Not Be Permissible for a Subsidiary of a National Bank


Pursuant to the provisions of section 24 of the Federal Deposit Insurance Act, application has been filed with the Federal Deposit Insurance Corporation by Union Bank, San Francisco, California ("Union"). The applicant requests the Corporations's consent to retain an equity investment held by its wholly-owned subsidiary, UB Equities, Inc. ("UB").

Union is in compliance with all applicable capital standards and meets the definition of "well capitalized" within the meaning of Part 325 of the Federal Deposit Insurance Corporation's rules and regulations. The equity investment is being liquidated and has de minimis impact on Union's capital and liquidity positions and asset structure. It has been profitable and subject to effective management review. As such, the equity investment does not appear to pose a significant risk to the Bank Insurance Fund.

Accordingly, the Associate Director, Division of Supervision, acting on behalf of the Corporation under delegated authority, has concluded that the application should be approved. Such approval should not be construed as a determination that any particular activity is not permissible for a national bank, or a subsidiary of a national bank, and any action by the Corporation on the application is taken without prejudice as to whether or not an application was needed.


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