SAN FRANCISCO - As it wraps up a companywide cost-cutting program, Unionbancal Corp. is confronting the question of how it will expand outside a core weighted heavily in favor of commercial banking.

The $33.6 billion banking company, which is mostly owned by Bank of Tokyo-Mitsubishi Ltd., said its board should complete a strategic review intended to answer this question by the end of October. A decision on the company's direction has been delayed for the last several months as its main subsidiary, San Francisco-based Union Bank of California, implemented a cost-cutting/revenue-building program - Mission Excel.

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