Union Bank, a subsidiary of UnionBanCal, a California-based financial holding company, has announced that its Global Foreign Exchange group, is expecting a continued trend towards portfolio diversification with foreign currency time deposits (FCTDs). The deposits are FDIC-insured, interest-bearing accounts that enable investors to maintain a foreign currency balance without having to open a bank account in a foreign country.
The bank has said that its wealth management group can provide beneficiaries receiving an inheritance from abroad comprehensive estate settlement services, including purchasing/selling assets, record keeping, bill paying and disbursements, preparing and filing tax returns, and distributing assets.
Bradley Shairson, senior vice president and head of Union Bank’s Global Foreign Exchange and Derivatives group, said: “As investors sought diversification strategies over the past year, we’ve experienced considerable growth in FCTDs and we believe this trend will continue over the next several months. Union Bank’s strength and stability, a $25,000 minimum deposit requirement for the FCTD and a multitude of available currencies ranging from the Swiss franc (CHF) to the New Zealand dollar (NZD), may be beneficial for investors seeking diversification.”
