Union Banking Corporation was incorporated on 4 August 1924 in New York as a banking corporation wholly owned by the Bank voor Handel en Scheepvaart N.V. of Rotterdam, in the Netherlands. During the Second World War, on 20 October 1942, the United States Alien Property Custodian issued Vesting Order No. 248, seizing all of the capital stock of Union Banking Corporation, where Prescott Bush served as a director, together with the rights of the Bank voor Handel en Scheepvaart and the August Thyssen Bank in its debts.
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