Union Bank expands commercial real estate lending with deal
Union Bank said Monday that its purchase of a $3.7 billion commercial real estate loan portfolio expands its lending platform in the East Coast.
The San Francisco bank purchased the New York-based lending division from PB Capital.
"This is an important strategic acquisition for Union Bank, as it leverages our established CRE capabilities by adding a national origination platform and strong relationships with top-tier property owners," said Masashi Oka, president and CEO of Union Bank, which is owned by Mitsubishi UFJ Financial Group.
Monday's deal gives the $97 billion Union Bank the ability to originate and service institutional commercial real estate loans on a national platform. Read full article