London UK, Oct. 28, 2004 (PRIMEZONE) --
Jackson National Life Completes Sale of Jackson Federal Bank
Jackson National Life Insurance Company ("JNL") confirms that the
disposal of its subsidiary, Jackson Federal Bank, to Union Bank of
California, N.A. ("UBOC") announced on 2 July 2004 completed today.
JNL has also completed the sale of shares in UnionBanCal
Corporation+, the parent company of UBOC, which it received as part
of the consideration.
-ENDS-
Jackson National Life Insurance Company is a wholly-owned indirect
subsidiary of Prudential plc, a company incorporated and with its
principal place of business in the United Kingdom. Prudential plc and
its affiliated companies constitute one of the world's leading
financial services groups. It provides insurance and financial
services directly and through its subsidiaries and affiliates
throughout the world. It has been in existence for over 150 years and
has GBP170 billion in assets under management, as at 30 June 2004.
Prudential plc is not affiliated in any manner with Prudential
Financial, Inc, a company whose principal place of business is in the
United States of America.
+This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
shares in UnionBanCal Corporation in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction.
A registration statement relating to these securities has been filed
with and has been declared effective by the Securities and Exchange
Commission.
This information is provided by RNS
The company news service from the London Stock Exchange