Union Banking Corporation
| Industry | Banking |
|---|---|
| Founder | Prescott Bush |
The Union Banking Corporation (UBC) was an investment bank based in New York, established in 1924. During World War II, the U.S. government confiscated its assets under the provisions of the Trading with the Enemy Act 1917 while investigating connections to Fritz Thyssen, a former member of the Nazi party in Germany. Among the seven directors was former U.S. Senator Prescott Bush, who was also a founding figure; their combined holdings were maintained on behalf of the Thyssen family's Bank voor Handel en Scheepvaart located in Rotterdam.
Seizure
A report dated October 5, 1942, from the Office of Alien Property Custodian revealed that Union Banking was owned by the Dutch entity Bank voor Handel en Scheepvaart N.V.. However, a memorandum from August 18, 1941, indicated a lack of definitive evidence concerning the ownership structure of this Dutch bank.
This institution had affiliations with United Steel Works, a German enterprise controlled by Fritz Thyssen and his brother Heinrich Thyssen-Bornemisza. After the Kristallnacht events in 1938, Fritz Thyssen resigned from the Nazi Council of State; he was subsequently detained in 1940 and spent the remainder of the war in a sanatorium and various concentration camps. Documents from the APC noted uncertainty regarding whether funds held by Union Banking or its related entities were directly owned by Fritz Thyssen. Throughout the duration of the war, UBC's assets remained under U.S. government custody; the bank ultimately ceased operations during the 1950s.