Union Bank Technology Executive Charlie Pedersen to Retire

Business Wire, Nov 3, 2004

SAN FRANCISCO -- UnionBanCal Corporation and its principal subsidiary, Union Bank of California, today announced that Charles L. Pedersen, Executive Vice President, Systems Technology and Item Processing Group, will retire at the end of 2004, capping a 30-year career with the bank.

Pedersen, a member of the Union Bank of California's executive management committee since 1994, is responsible for the bank's information technology and item processing operations that include central and distributed computing systems, systems development, data processing, telecommunications, security and contingency planning, information technology planning and engineering and PC and LAN management. He oversees a staff of 1200 with round-the-clock operations located at Monterey Park, San Diego, San Francisco and Oakland, California, as well as Portland and Seattle operations centers.

Pedersen, 61, joined the bank in 1974 and has had management responsibility for virtually all aspects of data processing, cash management, and central operations before being appointed operations and automation group head in February 1991.

During his career he achieved a number of firsts, including deploying the bank's high performance item processing systems, and spearheading the formation of the Star System ATM network. The American Bankers Association recognized his achievements in 1984 and awarded him a commendation for his efforts in creating the Star System.

Pedersen also was a pioneer and a leading advocate of automation within the financial services industry. During his tenure at Union Bank, he implemented and refined consumer electronic funds transfer, corporate cash management, domestic and international banking systems, branch automation, call centers, check processing, imaging, and the on-line banking/web network underpinning the bank's leadership in the payments business and in core deposit growth.

"Charlie Pedersen has added immeasurably to the growth and productivity of our institution," said Norimichi Kanari, Union Bank President and Chief Executive Officer. "His leadership, management skills and far reaching insight into technology, have created great value for our stockholders, our employees and our customers." Kanari noted. "Our reputation for superior customer service rests on the foundation that Charlie built over three decades. We wish him all the best in retirement."

Kanari also announced that Executive Vice President Linda Betzer, who heads the bank's Operations and Customer Service Group, will serve as acting group head of the Systems Technology and Item Processing Group beginning January 1, 2005 until a national search is completed for Pedersen's successor.

A native of Long Island, New York, Pedersen is a graduate of Long Island University. Prior to joining Union Bank, Pedersen managed the item processing systems of Chemical Bank in New York. He started his IT career working on the Apollo project for Grumman Aerospace in Bethpage, New York.

He is a board member of Star Systems Inc. Advisory Group, The Clearinghouse Payments Steering Committee, and Primary Payments (PPS). In October 2004, he received Westpay's A.R. Zipf (invented MICR) award for Payment Systems innovations. Pedersen resides with his family in Huntington Beach, California where he is active in a number of civic and community causes.

Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank holding company with assets of $47.0 billion at September 30, 2004. Its primary subsidiary, Union Bank of California, N.A. had 301 banking offices in California, Oregon and Washington and 21 international facilities, at September 30, 2004. The company's Web Site is located at www.uboc.com.