Toronto, April 24, 2008—Shearman & Sterling represented Union Bank of California in the sale of its insurance broker subsidiary, UnionBanc Insurance Services, Inc. (UBIS) to BB&T Insurance Services, Inc., a subsidiary of Winston-Salem, N.C.-based BB&T Corporation, the 14th largest financial holding company in the United States.

UBIS has 369 employees and is the 31st largest insurance broker in the United States. Union Bank had 330 banking offices in California, Oregon and Washington, and two international offices at year-end. BB&T is the seventh largest insurance broker in the US and its combined insurance operation includes 134 agencies across the US. BB&T Corporation operates nearly 1,500 financial centers in 11 states and Washington, D.C.

For additional information contact:
Ron Brandsdorfer | New York | T +1.212.848.5081 |