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Products August 2, 2004
Union Bank of California Completes CNA Trust Acquisition
August 2, 2004 (PLANSPONSOR.com) - Union Bank of
California, N.A. has finished its acquisition of the business
portfolio of CNA Trust Company (CNAT).
Reported by Eric Hazard
CNAT, a subsidiary of CNA Financial Corporation, provides retirement plan trust and outsourcing services to the institutional marketplace. In particular, CNAT specializes in the delivery of retirement plan services on behalf of insurance companies, mutual fund families, broker-dealers and other financial institutions that offer 401(k) plan services, according to a news release.
With the acquisition, CNAT’s trust, recordkeeping, marketing and client management functions have been integrated with those of Union Bank of California. The combined operations now form a new Union Bank of California divisionnamedTrust Outsourcing Partners (TruSource). TruSource will continue to serve as a distribution channel in the delivery of retirement plan services.
“This acquisition demonstrates our ongoing commitment to the retirement plan market,” said Piet Westerbeek, executive vice president and division head for Union Bank’s institutional services and assetmanagementgroup. “Plan sponsors can now access our services in new and convenientways, while selling institutions can focus on core competencies andrealizeefficiencies of scale available through the TruSource product platform.”
Terms of the agreement were not disclosed.The definitive agreement to acquire CNAT’sportfolio was announced in May 2004 and has now received regulatoryapproval (See Union Bank of California To Acquire CNA Trust ).