Bank is looking to increase private-client uptake in key West Coast markets. Union Bank of California plans to expand its wealth-management operations in its home state and in the Pacific Northwest this year.

The new emphasis on geographical expansion coincides with San Francisco-based Union Bank's move to move its wealth-management business from its business-banking unit to its Global Markets division, which also houses its asset-management and retail-brokerage businesses.

Huge market

"California and the Pacific Northwest are really high on the list of high-net-worth areas," Union Bank's wealth-management head Mary Curran tells the San Diego Business Journal today. "We see growth opportunities [there]."

In addition to expansion in Oregon and the state of Washington's high-tech heartland, Union Bank is looking to capture more market share in San Diego, where Curran is based.

"San Diego is a huge and important market for the bank," says Curran. "We have our best branch coverage in San Diego, and a large commercial banking market share."

Busy, busy

And though much of San Diego's recent run-up in wealth creation was based on real-estate investing, the city is a diverse market with "an incredible array" of business types from successful law firms and medical practices, corporations large and small, wholly-owned businesses and start-ups.

Whatever the local market conditions, the typical Union bank wealth-management prospect is likely to be a professional, executive or entrepreneur who is too busy to manage his personal finances.

"When [these people are] running companies, [they are completely] focused on running companies, and they're not focusing on the personal side," Curran tells the Business Journal.

Union Bank had 330 branches in California, Oregon and Washington state at the end of 2007. It wealth-management unit provides private-banking, trust, estate-planning, investment, brokerage and insurance services. -FWR

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