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The Union Banking Corporation (UBC) was a banking corporation in the US whose assets were seized by the United States government during World War II under the Trading with the Enemy Act and Executive Order No. 9095. According to an Oct. 5, 1942, report from the USA's federal Office of Alien Property Custodian, Union Banking was owned by Bank voor Handel en Scheepvaardt N.V., a Dutch bank. Said Dutch bank was "closely affiliated" with United Steel Works, a German company. Fritz Thyssen and his brother, Heinrich Thyssen-Bornemisza, had the Dutch bank and the steel firm as part of their business and financial empire according to the US. government agency.The “enemy national”, Fritz Thyssen, was a German steel industrialist and a supporter of the German National Socialist Party during its early years from 1923. Thyssen broke with the Nazis in 1938, and was imprisoned in Germany from 1941 to 1945. Thyssen's German citizenship was revoked by Hitler in 1940. All of his holdings had been expropriated by the Nazis in 1939.

Founding

The UBC was founded in August 1924, with offices at 39 Broadway in New York City. The founding officers of the bank included Cornelis Lievense as President, along with the following:

• Prescott Bush, officer of W.A. Harriman & Co.
• Johann G. Groeninger, managing director of the Halcyon shipping line of Rotterdam.
• E. Roland Harriman, brother and business partner of W. Averell Harriman.
• H. J. Kouwenhoven, managing director of the Bank voor Handel en Scheepvaart of Rotterdam.
• Samuel F. Pryor, Chairman of the Executive Committee of Remington Arms.
• J. P. Ripley, officer of W.A. Harriman & Co.
• J. D. Sawyer, officer of W.A. Harriman & Co.

References

1. "Documents: Bush's Grandfather Directed Bank Tied to Man Who Funded Hitler". FoxNews.com.
2. "How Bush's grandfather helped Hitler's rise to power". The Guardian.
3. "Records of the Office of the Alien Property Custodian". U.S. National Archives and Records Administration. Retrieved 2008-10-01.
4. "Vesting Order Number 248". Federal Register (7 F.R. 5205).
5. "Hitler's Angel has 3 millions in N.Y. Bank" (PDF). Washington Post possible copyright violation.
6. The Rise and Fall of the Third Reich, William H Shire. p144
7. http://select.nytimes.com/gst/abstract.html?res=F30B17FD3A55117A93C1A81789D85F448485F9&scp=2&sq=%22fritz%20thyssen%22&st=cse
8. http://select.nytimes.com/gst/abstract.html?res=F60B1FFC395A177A93C1AB178AD95F4D8385F9&scp=4&sq=%22fritz%20thyssen%22&st=cse
9. "New International Bank", New York Times, Sep 10, 1924, p. 33

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• Defunct banks of the United States
• Banks established in 1924