Union Bank of California has announced that it is opening 35 new Priority Banking offices in 2008, to expand its services to affluent consumers and small business owners.
Priority Banking caters to individuals and small business owners with more than $100,000 in combined account balances, providing a personal banker, financial planning and portfolio management, investments and insurance.
Located within existing Union Bank branches, the offices are staffed by a team of personal bankers who provide one-on-one consulting and a suite of specialized financial services.
The bank already has more than 30 Priority Banking units operating throughout its 330 branch network. The majority of the new offices will be strategically located in or around major metropolitan areas, with 10 in the San Francisco Bay area, seven in the San Diego region and 13 in the Los Angeles area.
According to senior vice president Kirk Atta, who directs Union Bank’s Priority Banking program, the units adapt to the preferences of a small but increasingly influential segment of the population. Of the approximately 114 million households in the US, the affluent market represents almost 20% with more than $11.7 trillion in investable assets.