Embed Size (px)
Citation preview
PUBLIC COMPANIESGOING GLOBAL
Steve RapattoniPartner-in-Charge, Irvine, Assurance Services
Marcum LLP
John DeCeroPresident
California Republic Bank
Kjell GronvoldManaging Director and Regional Managerof Orange County Commercial Banking
MUFG Union Bank, N.A.
Serge V. PavlukPartner
Snell & Wilmer
An Advertising Supplement to the Orange County Business Journal • June 8, 2015
INT. BUS-Guide_Layout 1 6/4/15 6:07 PM Page 45
A-46 ORANGE COUNTY BUSINESS JOURNAL PUBLIC COMPANIES GOING GLOBAL Advertising Supplement JUNE 8, 2015
California Republic BankCalifornia Republic Bancorp is the holding company for California Republic Bankand CRB Auto, Inc. California Republic Bank is a full-service commercial bankproviding loans, deposit and cash management services to individuals,businesses, investors, and family offices. The Bank specializes in servinginvestors who typically do not invest in stocks or bonds, but are patient until thenext great opportunity comes up in their respective fields. When that opportunityappears we help them move quickly with the money to secure it. We accomplishthis by providing direct access to the decision makers, unparalleledresponsiveness, seasoned Relationship Managers and state-of-the-arttechnology. The Bank has five branch offices serving Southern California, locatedin Newport Beach, Beverly Hills, Irvine, Westlake Village and San Diego (LoanProduction Office). The Bank also operates an indirect auto finance business,CRB Auto, Inc. which purchases auto contracts from both franchised and selectindependent automobile dealerships throughout 10 States—Arizona, California,Illinois, Iowa, Kansas, Missouri, Nevada, Oklahoma, Texas, and Washington. In2014, CRB Auto, Inc. originated over $1 billion in prime auto loans. For moreinformation, contact Jon Wilcox, CEO, or John DeCero, President at 949-270-9719. You can also visit the Company’s website at www.crbnk.com.
ELLS CPAs & Business AdvisorsELLS CPAs & Business Advisors, founded in 1968, is among the largest mid-sized CPA firms in Orange County. ELLS CPAs provides accounting, audit,assurance, tax and business advisory services. In addition to traditionalaccounting and tax services, ELLS CPAs offers pension audits, cost segregationstudies, international tax services and estate and trust services. For over 45years, ELLS has been serving the manufacturing, real estate, healthcare industryin Southern California. For more information please visit www.ellscpas.com.
Marcum LLPMarcum LLP is one of the largest independent public accounting and advisoryservices firms in the United States. Ranked #15 nationally, Marcum offers theresources of 1,300 professionals, including over 160 partners, in 23 officesthroughout the U.S., Grand Cayman and China. Headquartered in New York City,the Firm’s presence runs deep, with full-service offices strategically located inmajor business markets. Marcum is a member of the Marcum Group, anorganization providing a comprehensive range of professional services spanningaccounting and advisory, technology solutions, wealth management, andexecutive and professional recruiting. The Marcum Group companies includeMarcum LLP; Marcum Technology LLC; Marcum Search LLC; Marcum FinancialServices LLC; Marcum Bernstein & Pinchuk LLP; and MarcumBuchananAssociates LLC. For more information, visit www.marcumllp.com.
MUFG Union Bank, N.A.MUFG Union Bank, N.A., is a full-service bank with offices across the UnitedStates. We provide a wide spectrum of corporate, commercial, retail banking andwealth management solutions to meet the needs of customers. We also offer anextensive portfolio of value-added solutions for customers, including investmentbanking, personal and corporate trust, global custody, transaction banking, capitalmarkets, and other services. With assets of $113.0 billion (USD), as of March 31,2015, MUFG Union Bank has strong capital reserves, credit ratings and capitalratios relative to peer banks. MUFG Union Bank is a proud member of theMitsubishi UFJ Financial Group (NYSE: MTU), one of the world’s largest financialorganizations with total assets of approximately ¥279 trillion (JPY) of $2.3 trillion(USD)¹, as of December 31, 2014. The corporate headquarters (principalexecutive office) for MUFG Americas Holdings Corporation, which is the financialholding company and MUFG Union Bank, is in New York City. The main bankingoffice of MUFG Union Bank is in San Francisco, California.1 Exchange rate of USD=¥119.78 as of December 31, 2014
Snell & WilmerFounded in 1938, Snell & Wilmer is a full-service business law firm with more than400 attorneys practicing in nine locations throughout the western United Statesand in Mexico, including Orange County and Los Angeles, California; Phoenix andTucson, Arizona; Denver, Colorado; Las Vegas and Reno, Nevada; Salt Lake City,Utah; and Los Cabos, Mexico. The firm represents clients ranging from large,publicly traded corporations to small businesses, individuals and entrepreneurs.For more information, visit www.swlaw.com.
ore than ever, U.S. economic growth is linked with the global marketplace. Some ofOrange County’s top bankers, lawyers and accountants have shared their insights withthe Business Journal, highlighting the benefits and difficulties of public companies going
global.M
INT. BUS-Guide_Layout 1 6/4/15 6:07 PM Page 46
A-48 ORANGE COUNTY BUSINESS JOURNAL PUBLIC COMPANIES GOING GLOBAL Advertising Supplement JUNE 8, 2015
How do you protect a public company client frombeing attacked by short sellers?
Steve Rapattoni, Marcum LLP: You can’t protect acompany from a short seller attack. However,companies can be better prepared for short sellers byingraining good corporate governance and practicesat all levels of the organization. These would includehiring and retaining top notch management andemployees; maintaining good tone at the top withappropriate, timely communications with investors,employees and other stakeholders; having a credible,independent and active board of directors, anexcellent financial team and transparent financialreporting; and good external auditors, legal counseland investor relations professionals. The companyshould also consistently monitor stock trading activity,if possible. And don’t forget about having acomprehensive and healthy directors & officers policywith a reputable insurer.
What issues keep public companies up at night?John DeCero, California Republic Bank: In
general, our clients are doing very well today, withprofit margins strong, relationships strong, lowfinancing costs and advances in technology thatseem to be paying great dividends. For the most part,it’s not the internal workings of these companies thatkeep the CEOs up at night, it’s more of what isaround the corner on the global economic stage thatworries them. We feel that there is still a lot ofuncertainty that exists in today’s marketplace. Theuncertainty in the Washington also gives cause forpeople to not always understand all the rules todayand perhaps holds them back from certain risktaking. Global conditions or events such as the crisiswe saw in Greece and elsewhere are events that cansingle handily erode public shareholder value and arecompletely out of any single company’s sphere ofinfluence.
Trade compliance can be daunting for companiesof all sizes. As a global service provider, how doyou approach compliance?
Serge V. Pavluk, Snell & Wilmer: Tradecompliance is a very important topic that has been afocus for many clients. U.S. companies with cross-border sales, services or trade have closely followedrecent developments in trade restrictions and recentsanctions, including the sanctions against Russia.
Our firm has been busy updating the U.S. ForeignCorrupt Practices Act (FCPA) compliance policies forour clients and recommending that clients updatetheir existing Foreign Transactions Policies (FTP).For clients who did not have such policies in place,we have assisted them to prepare and implementthem, and train personnel to provide guidanceregarding international transactions and the export ofservices, technology, software and commodities andother overseas activities under the U.S. ExportAdministration Regulations, regulations administeredby the U.S. Department of Treasury’s Office ofForeign Assets Control, the FCPA, the U.S.Departments of Commerce, State and Justice andU.S. Anti-Boycott laws.
In addition, we assist clients to ensure thatinternational business agreements (e.g. sales,consultants, independent contracting, distribution,agency, joint venture) have the appropriatecontractual clauses consistent with such compliancepolicies. We confirm that such policies are updatedwith any changes in the law, monitor theeffectiveness of such policies and, at least once peryear, coordinate internal audits of compliance withsuch policies.
SOX kept accounting firms very busy for severalyears. What do you anticipate is the next biginternational compliance driven event?
Steve Rapattoni, Marcum LLP: The U.S.-basedFinancial Accounting Standards Board and theInternational Accounting Standards Board haveworked together to clarify the accounting principles forrevenue recognition. In 2014, the FASB issued a newaccounting standard “Revenue from Contracts withCustomers (Topic 606)” which will be a game-changerfor most domestic and global businesses that haveanything but the simplest of revenue-generatingactivities. Due to the new standard’s complexity, theoriginal effective date for public companies was set forperiods beginning AFTER December 15, 2016 but aproposal to defer the effective date an additional yearto periods beginning AFTER December 15, 2017 ispending. The challenge for public companies is therequirement to apply the new revenue recognitionstandard retrospectively to each prior period presentedor retrospectively with the cumulative effect of initiallyapplying the new standard recognized at the date ofinitial adoption. So, a public company that presentstwo or three years of results of operations has to beginworking on implementation immediately to be ready.
What is the best formula for creating a successfuland valuable relationship between you and yourclients?
Kjell Gronvold, MUFG Union Bank, N.A.: Aspublic companies take advantage of globalopportunities, they need banking relationships thatprovide capabilities that match their internationalbusiness structures and goals. Our formula forcreating successful relationships with clients is toalign our capabilities with their needs. We focus onproviding the products and services our clients needalongside knowledgeable support through ourcolleagues who work in foreign markets.
By combining our product capabilities andunderstanding of various business environments, weseek to address our clients’ credit, treasurymanagement, and risk management needs. We areuniquely positioned to support our clients with globalstrategies through our parent company, MitsubishiUFJ Financial Group, which has a strong presence inAsia.
To make it easier for our clients who operate inSouthern California, our experienced relationshipmanagers invest time to understand client needs andwork directly with them through our local offices todeliver our global capabilities. This helps us maintainthe open communication that is critically important tobe aligned with client needs and goals.
Serge V. Pavluk, Snell & Wilmer: Carefullylistening to and understanding the client’s goals andobjectives and proposing the most efficient path toachieving those goals is vital to creating a successfullong-term client relationship. Project management andbudgets for each phase of the transaction are alsoinvaluable tools in doing so. Responsiveness andavailability are also important – for example,responding to calls or emails as soon as possible, andno later than within a couple of hours of when theclient left the original message, and providing periodicbrief status updates before the client actually requestssuch updates.
Jon Wilcox, California Republic Bank: Honesty,and the ability to understand and then react quickly totheir needs. Clients appreciate the truth without sugarcoating, and when you tell them the truth in a
continued on page A-50
“
”
“In 2014, the FASB issued a newaccounting standard “Revenuefrom Contracts with Customers(Topic 606)” which will be agame-changer for most domesticand global businesses that haveanything but the simplest ofrevenue-generating activities.”
Steve RapattoniPartner-in-Charge, Irvine, Assurance Services
Marcum LLP
INT. BUS-Guide_Layout 1 6/5/15 1:15 PM Page 48
A-50 ORANGE COUNTY BUSINESS JOURNAL PUBLIC COMPANIES GOING GLOBAL Advertising Supplement JUNE 8, 2015
consultative manner with sound solutions to theirproblems, they respect the relationship and it elevatesyou to another level with them. Clients don’t want tobe “re-traded,” so don’t overpromise and underdeliver, do just the opposite and do it consistently overtime and valuable relationships will begin and thrive.
What is the best success story you have seen andwhat have you learned from it?
Yana Weaver, ELLS CPAS & Business Advisors:One of our best success stories involves a client whowanted to expand internationally and increase thecompany’s market presence by selling more goodsoverseas. Our advice was to utilize an IC-DISC(Interest Charge-Domestic International SalesCorporation) that provides unique federal taxincentives for U.S. businesses with export income.
Small and mid-size manufacturers often fail to takeadvantage of IC-DISCs because they perceive settingup the entity and subsequent maintenance will be toocomplex or too costly. It might be true; however I havelearned that when you sit down and do the calculationsit often turns out the IC-DISC can amply reward theefforts and setup costs.
John DeCero, California Republic Bank: We havea client that in 2008 was a family owned mid-sizedmanager and operator of apartment buildings locatedin Southern California. In 2009, he approached usabout supporting him in buying single familyforeclosure residences throughout Southern Californiaand the Inland Empire for investment purposes.Although he had never done this before, theeconomics appeared to make sense and he plannedto leverage his existing apartment management teamsto support the acquisition, rehab and rental of thehomes he planned on buying. We learned from himand supported him in this plan and within four years hehad purchased over 1,000 homes. Today he owns andoperates over 2,000 homes and has almost 100%occupancy, with valuations approaching $1 billion.When he began this endeavor it was a very scary timein our world and economy, however, he saw nothingbut opportunity and we believed him.
What are the benefits of using a professionalservice firm that specializes in public companies?
Steve Rapattoni, Marcum LLP: Due to the complexlegal and accounting requirements faced by domesticand global public companies, the use of accountingfirms registered with the Public Company AccountingOversight Board and experienced securities counselare a must, not an option. The same holds true forinvestor relations firms. PCAOB-registered accountingfirms’ inspection reports are publicly available, so auditcommittees can use such reports to compare theperceived quality of one firm vs. another. Professionalservice firms that specialize in public companies havea deep understanding of what regulators expect to seein regulatory filings and can do the job correctly thefirst time, with minimal delays due to regulatory reviewand responding to comment letters.
How have lending relationships or your clients’ability to raise capital been affected over the past12 months?
Jon Wilcox, California Republic Bank: We haveseen money readily available for strong establishedborrowers at historically low rates, whether it is forcommercial and/or investment real estate, M&A, plantand equipment, and small business loans through SBAand other sources. In terms of equity, there alsoappears to be many sources in today’s marketplace tofind and raise capital at attractive multiples. Many of
our clients have benefited from this historically lowinterest rate environment over the past several yearsand most have locked in very favorable fixed-rate long-term debt, which protects them if, in fact, interest ratesbegin to increase.
Kjell Gronvold, MUFG Union Bank, N.A.: Centralbanks around the globe have continued to stimulatetheir economies, resulting in unprecedented globalliquidity and continued low interest rates. For example,China recently lowered interest rates for the third timein the last six months to stimulate its business activity.This worldwide liquidity makes it a good time forcompanies to raise capital for senior debt and equity athistorically low interest rates.
It is a borrower’s market that is particularlyadvantageous for long-term financing. Now is the timeto lock in low-cost fixed interest rates for the long termfor real estate, equipment, mergers, and acquisitions.Our bank, along with others in the marketplace, is in agood position to lend. We lend in many global marketsin local currencies (e.g., Renminbi). These loansoriginate through our Southern California offices fordisbursement to our clients’ subsidiaries throughoutthe world.
What have you done to prepare your clients for theInternational Financial Reporting Standards (IFRS)and how do you think it will affect their business?
Steve Rapattoni, Marcum LLP: The SEC has notmandated the adoption of IFRS for all U.S. registrants,and SEC staff has found little support for the SEC toprovide an option allowing domestic companies toprepare their financial statements under IFRS.However, there is continued support for the objectiveof a single set of high-quality, globally acceptedaccounting standards. Unless a client has substantialnon-U.S. operations and plans to seek a listing on aforeign exchange where IFRS is required to be used,we see the continued use of USGAAP as the primaryset of standards.
What are the most common recommendations youhave made to your clients to help them grow theirbusiness overseas? Where are your clients mostfrequently expanding in terms of overseaslocations?
Serge V. Pavluk, Snell & Wilmer: I recommend thatclients get as familiar as possible with the businessculture of a particular foreign market, develop localrelationships and connections, obtain high-quality, locallegal advice, and find a reputable localaccountant/auditor.
As, in my experience, the majority of the overseasexpansions have been accomplished by way of jointventures with a local business partner, it is invaluablefor a U.S. company to have a reliable and honest jointventure partner, establish trust and opencommunication with that partner and maintain thehighest standard of integrity in all businesstransactions, whether domestic or overseas.
Recently, I have frequently seen clients expand inLatin America, Eastern Europe, Russia (before theUkrainian crisis) and Canada.
What are the most common difficulties that yourinternational clients ran into during past year andwhat did you do to help your clients resolvethem?
Steve Rapattoni, Marcum LLP: Clients withinternational operations or establishing aninternational presence need advice on how to set uptheir operations from a structural standpoint and must
“It is invaluable for a U.S.company to have a reliable andhonest joint venture partner,establish trust and opencommunication with that partnerand maintain the higheststandard of integrity in allbusiness transactions, whetherdomestic or overseas.”
Serge V. PavlukPartner
Snell & Wilmer
“
”
continued on page A-52
“Small and mid-sizemanufacturers often fail to takeadvantage of IC-DISCs becausethey perceive setting up the entityand subsequent maintenance willbe too complex or too costly.”
Yana Weaver, CPA, MST, MBAShareholder
ELLS CPAS & Business Advisors
“
”
INT. BUS-Guide_Layout 1 6/4/15 6:09 PM Page 50
JUNE 8, 2015 PUBLIC COMPANIES GOING GLOBAL Advertising Supplement ORANGE COUNTY BUSINESS JOURNAL A-51
INT. BUS-Guide_Layout 1 6/4/15 6:09 PM Page 51
A-52 ORANGE COUNTY BUSINESS JOURNAL PUBLIC COMPANIES GOING GLOBAL Advertising Supplement JUNE 8, 2015
acquire a good understanding of the laws andcustoms of that particular country. Helping a clientconnect with the proper legal and business resourcesis tantamount in starting off on the right foot. I haveseen many companies spin their wheels for monthsdue to lack of preparation. Once the business isestablished, in order to manage any foreign taxissues, a company should establish a transfer pricingstrategy to take advantage of profits accumulatedoverseas.
How have changes in the international economyaffected publicly traded clients and what advicehave you given to help them?Serge V. Pavluk, Snell & Wilmer: In my opinion,
based on recent cross-border M&A experience, publiclytraded companies in the U.S. have an edge overprivate companies in expanding in internationalmarkets. Specifically, it is easier for a public companyto use its stock as currency and be acquisitive of greatand sometimes undervalued (due to downturn in manyinternational markets) assets and businesses withoutlarge investments of cash. The overseas sellerscontinue to view the United States as a relatively safehaven, and are excited about publicly traded stock ofthe U.S. companies. We have seen and advised oncross-border acquisitions with mixed cash/publiclytraded stock consideration.
How have you seen market dynamics in commercialbanking change over the years? What are sometrends your clients are taking advantage of?Kjell Gronvold, MUFG Union Bank, N.A.: The
market dynamics for commercial banking have evolvedfrom banking relationships focused on lending to nowproviding complete solutions to support global growthstrategies. Commercial banks can support the entireliability side of a balance sheet—from senior debt toequity.
Commercial banks have also become much moreinvolved in helping corporations manage risk issueslike interest and currency rate fluctuations as well asfraud and cyber security. We work closely with clientsto develop transaction banking services that feature thebest possible technology with more robust systems toprevent cyber fraud.
Banks now specialize by industry and size.Segmentation allows banks to apply focusedexperience through dedicated teams to support clientneeds and optimize bank services.
Our clients are taking advantage of the opportunity towork with us as a trusted partner with deeper servicecapabilities and stronger ties to their industries toestablish new ventures and supply chains, anticipateand optimize credit and risk management trendopportunities, and problem-solve, when needed.
John DeCero, California Republic Bank: It hasbecome very competitive, especially for loan growth,which proves to be a great advantage to most of ourborrowers. Because we provide mostly opportunisticlines of credit in order to allow our client’s to buy right intheir respective industries, most of our clients havetheir main banking relationships with us and we helpthem acquire at very favorable prices. After theacquisition is closed we often assist them in finding thebest permanent long-term financing available, whetherthat is with us or with other specialists in the industry.These types of loans have greatly benefited in this lowinterest rate environment and not only is the pricing atall-time lows, but the credit structure and covenants arealso typically much more favorable in today’smarketplace than any time we’ve seen in the past 35years. It’s a very good time to be a borrower and most
clients have taken advantage of this environment totheir benefit.
From an international business perspective, whatmakes the Southern California market unique fromother U.S. markets?Yana Weaver, ELLS CPAS & Business Advisors:
Southern California offers a unique combination ofskilled work force, proximity to international ports,growing local economy and, of course, the bestweather in the country. From the businessperspective, foreign companies coming to SouthernCalifornia have a better chance of attracting andretaining top talent from California universities.Business engaged in import-export activities arebenefiting from being close to Long Beach and LosAngeles ports. Retailers and service providers areuniquely positioned in Southern California to cater toits affluent population.
Southern California has probably the most diversepopulation in the country, making it easier for peoplefrom other countries to assimilate and feel at home.Just in our office alone we speak ten languages.Coming from a foreign country myself, I appreciate anenvironment that embraces cultural diversity andrespects and values the differences.
While Southern California is still an appealingdestination, the reality is that we are home to thehighest tax rates in the country and we have difficultycompeting with other states that are offering taxincentives for businesses that move there. Themistique of living in Southern California will always bethere, but California will eventually have to make somechanges to be able to retain existing businesses andattract new ones.
Kjell Gronvold, MUFG Union Bank, N.A.: First andforemost, geography differentiates the SouthernCalifornia marketplace because of close proximity fortrade with Asia-Pacific countries and Mexico. SouthernCalifornia is also a large market in its own right.
Southern California has a uniquely developedinfrastructure with two main ports, port-accessiblerailway and freeway systems, and warehouses forstorage of inbound goods.
The educated workforce in the region is accustomedto working within the trade business. Due to thecultural diversity of Southern California, the workforceis open to and understands various customs. Thishelps bridge the cultural gap to help make globalcompanies feel more comfortable working withSouthern Californians and have a more positiveoutlook that their products will be accepted andsuccessful in the U.S. Conversely, when SouthernCalifornia companies sell outside U.S. borders, thelocal workforce accepts various languages andcultures and can travel easily in order to developrelationships.
How do you think the Trans Pacific Partnershipwill benefit/impact companies in the SouthernCalifornia market?Kjell Gronvold, MUFG Union Bank, N.A.: When
the Trans Pacific Partnership is approved, we believeit will benefit Southern California companiesimmensely. The obvious benefit is increased trade,which will positively affect employment and growth ininfrastructure, real estate (e.g., warehouses), andtransportation equipment.
The trade pact will also add significant tourismrevenue due to travel to and from Southern California,which is a global business hub and vacationdestination.
“We have seen money readilyavailable for strong establishedborrowers at historically lowrates, whether it is for commercialand/or investment real estate,M&A, plant and equipment, andsmall business loans through SBAand other sources.”
Jon WilcoxCEO
California Republic Bank
“
”
continued on page A-54
INT. BUS-Guide_Layout 1 6/4/15 6:09 PM Page 52
A-54 ORANGE COUNTY BUSINESS JOURNAL PUBLIC COMPANIES GOING GLOBAL Advertising Supplement JUNE 8, 2015
How has the use of technology impacted how publicfirms run their international business – are theywilling to make the investment in this economy?
Serge V. Pavluk, Snell & Wilmer:Many of my clientsare technology companies or technology-driven serviceproviders. Continuing investment into and improvementof relevant technology has been a focus and the largestspending area for my clients in both the U.S. and theinternational markets. In addition, mobile communication technology has
transformed the way the business is run by allowingcompanies to connect seamlessly around the globe.Technology – especially the ease in communicating withoverseas partners – has allowed U.S. companies tobecome comfortable with expanding and outsourcingmany business functions internationally.
What are the unique needs of an internationalclient? What resources can you offer businesses inthe global marketplace?
Yana Weaver, ELLS CPAS & Business Advisors:ELLS CPAs is a member of CPA AssociatesInternational, a global association of independent CPAand Chartered Accounting firms. Our organizationincludes 150 member firms in 64 countries throughoutthe world. This gives our clients direct access tobusiness, tax and financial reporting expertise in everymajor market. Through CPA Associates International,we are able to offer clients the same global reach as aBig Four firm but with the personalized service thatclients have become accustomed to and appreciate. I constantly stay in touch with colleagues in different
countries sharing our knowledge and expertise whilehelping mutual clients. Not only do I enjoy collaboratingwith my international peers, but it also what makes myjob fun. With one phone call I can ensure that my
clients are taken care of no matter where they dobusiness. I work with a number of professionals in Southern
California that specialize in different aspects ofinternational expansion, such as attorneys, bankers,financial advisors and business consultants. Bycreating a network of trusted advisors, I know that myclients are getting the best solutions that are tailored totheir unique business needs.
Kjell Gronvold, MUFG Union Bank, N.A.: Accessto knowledge in local markets is critically important toour international clients. Through our parent company,Mitsubishi UFJ Financial Group, we connect our clientswith business partners in local markets whounderstand the culture and laws, bridge languagegaps, and offer accessibility to business contacts. We also assist clients in identifying and implementing
strategic moves to support their businesses. Forexample, we work with our clients doing business inChina to allow them to pay Chinese manufacturers inthe local Renminbi (RMB) currency. 1 This can helpreduce the cost of goods and streamline payments tosuppliers.
1 This and any other information or communication provided byMUFG Union Bank, N.A. relating to foreign currency, foreignexchange and related products and services, whether written or oral,is not intended as (and shall not be deemed) investment advice or arecommendation to buy or sell any currency or other investment orinstrument, nor shall it be deemed an assurance or guarantee as tothe results or expected results of any transaction. Foreign currencyand foreign exchange products and arrangements such as forwardsare not FDIC insured, and the risks of such products includingcertain restrictions when transacting in foreign currency such asoffshore Chinese Renminbi should be understood prior to enteringinto any foreign currency transaction.
Financing subject to credit and collateral approval. Otherrestrictions may apply. Terms and conditions subject to change.
“Through our parent company,Mitsubishi UFJ Financial Group, weconnect our clients with businesspartners in local markets whounderstand the culture and laws,bridge language gaps, and offeraccessibility to business contacts.”
Kjell GronvoldManaging Director and Regional Manager of
Orange County Commercial BankingMUFG Union Bank, N.A.
“
”
INT. BUS-Guide_Layout 1 6/4/15 6:10 PM Page 54
