Prudential plc - JNL Completes Sale of JFB


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.


 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

                      This information is provided by RNS
            The company news service from the London Stock Exchange


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