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.
Following the transaction, Union Bank will be ranked 25th nationally based on the number of retirement plans serviced, the release said. The firm said following the acquisition it expects to bring additional value to its new institutional distribution channels through support for defined benefit, deferred compensation and other types of plans.
Terms of the agreement were not disclosed. The transaction is expected to close by the end of the third quarter, subject to regulatory approval.