Union Bank Shuffles Directors Ahead of Name Change

Union Bank in San Francisco has added five new directors, including a former bank regulator, as part of a series of changes to its corporate names and structure.

The additions are Ann Jaedicke, a former Office of the Comptroller of the Currency official and a former managing director at Promontory Financial Group; Michael Fraizer, former chairman and chief executive of insurer Genworth Financial; Henry Keizer, former deputy chairman and chief operating officer at KPMG; and Toby Myerson, a corporate lawyer at Paul, Weiss, Rifkind, Wharton & Garrison.

The company also said that Hironori Kamezawa will join the board on July 1. He is deputy chief executive, headquarters for the Americas, at Bank of Tokyo-Mitsubishi UFJ.

The $107 billion-asset Union Bank will combine with the U.S. branches of Bank of Tokyo-Mitsubishi UFJ on July 1 to form a single company that will operate as MUFG Union Bank. Mitsubishi UFJ Financial Group (MTU), Union Bank's Japanese parent, has said it's making the changes to comply with a Federal Reserve Board rule requiring some foreign banks to form an intermediate holding company and to promote its goal to make Union Bank one of the 10 largest U.S. banks.

Fraizer, Jaedicke and Keizer have also joined the board of UnionBanCal, the holding company for Union Bank, which is changing its name to MUFG Americas Holdings. Kamezawa will join the holding company board on July 1.

In a related move, five directors of Union Bank and UnionBanCal retired, effective immediately. They are Aida Alvarez, Nicholas Binkley, Dale Crandall, Murray Dashe and Takeo Hoshi. Katsunori Nagayasu will retire as a director of UnionBanCal on July 1.