SAN FRANCISCO - Shares of Unionbancal Corp. fell as much as 22% after the company told analysts that first-quarter credit losses will double from the previous quarter because of impaired loans.

Unionbancal, which is 64% owned by Bank of Tokyo-Mitsubishi Ltd., told analysts Thursday that it will write down twice as much impaired loans as it did in the previous quarter, according to Kirsten Gard, an analyst at Bear, Stearns & Co.

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