EXHIBIT 99.1



                    FOR IMMEDIATE RELEASE (November 28, 2007)
                      Contact: Joanne Curran (213-236-5017)
                               Public Relations

                               John A. Rice (415-765-2998)
                               Investor Relations


                 UNION BANK OF CALIFORNIA TO EXIT THE RETIREMENT
                 RECORDKEEPING BUSINESS WITH SALE TO PRUDENTIAL


SAN FRANCISCO - UnionBanCal Corporation (NYSE:UB) announced today that its
wholly-owned subsidiary, Union Bank of California, N.A., has signed a definitive
agreement to sell its retirement recordkeeping business to Prudential
Retirement, a subsidiary of Prudential Financial, Inc. (NYSE:PRU). The bank's
proprietary SelectBenefit and certain selected TruSource relationships will
transition to Prudential, a premier provider of and recognized leader in
retirement services.
                  In addition, Prudential will add Union Bank's proprietary
HighMark mutual funds to its investment offerings for retirement plan sponsors
and their participants.
                  The decision to exit the retirement recordkeeping business was
based on analytical data that showed the bank lacked scale in the rapidly
consolidating industry, and would be required to make significant investments in
technology to enhance products, services and the overall processing environment
in its recordkeeping operation to remain competitive and profitable.
                  "This was a difficult decision reached after much
deliberation, but I'm confident our clients will be well served by Prudential's
strong client focus and solid commitment to the retirement business," said Chief
Executive Officer Masaaki Tanaka. "A large number of the employees affected by
our decision will either be retained by Prudential or will potentially find
positions elsewhere in our company."
                  Union Bank will continue to offer retirement plan
recordkeeping services to clients going forward. "We will be doing so in
partnership with Prudential," said Executive Vice President Johs Worsoe, head of
Global Markets. The bank's retirement trustee business will not be affected by
the change, and Union Bank will remain custodian for certain parts of the
business being transitioned to Prudential.
                  The transaction is subject to regulatory approvals and is
expected to close in the fourth quarter of 2007. At closing, UnionBanCal expects
to record an after-tax gain of approximately $59 million, or $0.43 per share. In
addition, the company is expected to record divestiture-related charges,
primarily personnel-related, of approximately $7 million after-tax, or $0.05 per
share, in the fourth quarter.
                  Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a
bank holding company with assets of $54.3 billion at September 30, 2007. Its
primary subsidiary, Union Bank of California, N.A., had 323 banking offices in
California, Oregon and Washington, and 2 international offices at September 30,
2007. The company's Web site is located at WWW.UNIONBANK.COM.




FORWARD-LOOKING STATEMENTS


The following appears in accordance with the Private Securities Litigation
Reform Act. This press release includes forward-looking statements that involve
risks and uncertainties. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current facts. Often,
they include the words "believe," "continue," "expect," "target," "anticipate,"
"intend," "plan," "estimate," "potential," "project," or words of similar
meaning, or future or conditional verbs such as "will," "would," "should,"
"could," or "may." These forward-looking statements include, but are not limited
to, statements regarding the expected effects, benefits and financial impact of
the transaction, and the likelihood and timing of the closing of the
transaction. Forward-looking statements involve certain risks and uncertainties
and actual events may differ materially from those discussed in each statement.
Factors that could cause actual results to differ are discussed under the
heading "Risk Factors" and in other sections of the Company's annual report on
Form 10-K for the year ended December 31, 2006, which is on file with the SEC,
and in the Company's other current and periodic reports filed from time to time
with the SEC. All forward-looking statements included in this press release are
based on information available at the time of the release, and the Company
assumes no obligation to update any forward-looking statement.



                                      # # #