Union Bank Completes Acquisition of PB Capital's $3.5B Commercial Portfolio

SAN FRANCISCO-Union Bank, N.A. has completed the acquisition of PB Capital Corporation's institutional commercial real estate (CRE) lending division. Union Bank, a subsidiary of The Bank of Tokyo-Mitsubishi UFJ, reportedly paid a 3% premium above the $3.7 billion value.

The acquisition, which was first announced on April 7, expands Union Bank's CRE presence in the U.S. and provides geographic and asset class diversification. The company describes the assets “approximately $3.5 billion in loans outstanding on properties in major metropolitan areas across the U.S.”

Union Bank's Real Estate Industries Group will manage from New York City. As part of the acquisition, and to facilitate Union Bank's growth strategies, senior management and 20 key staff have transitioned from PB Capital to Union Bank. PB Capital Corporation is a wholly-owned subsidiary of Deutsche Bank AG.

Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $97 billion at March 31. Its primary subsidiary, Union Bank, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 443 branches in California, Washington, Oregon, Texas, Illinois, and New York as well as two international offices, on March 31. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc.