Bank Honored for Long-Standing Trade Leadership.

SAN FRANCISCO--(BUSINESS WIRE)--Sept. 21, 1998--Union Bank of California received the World Trade Hall of Fame Award from the World Trade Center Association of Los Angeles-Long Beach in a ceremony Friday evening, September 18. It was the tenth anniversary of the award.

Accepting for the bank was President and CEO Takahiro Moriguchi, who outlined his perspective on the nature and purpose of a global economy. "Economic globalization," he stated, "means universal standards for business that create a free-trade environment and a spirit of friendly coordination."

Mr. Moriguchi noted that world trade-driven economic globalization is creating a world economy permitting goods and capital to "travel on an open passport, without inappropriate interference from any government. But at the same time," he cautioned, "a global economy respects national differences and values diversity of culture and society, tradition and tastes."

Mr. Moriguchi pointed out that economic difficulties in one part of the world can mean difficulties elsewhere. "So far," he said, "we have been fortunate here in California. California's export volume is outperforming that of the other 49 states together. Still," the CEO continued, "we have an expression in Japanese that's hard to translate to English, but the point is, fire can jump across a river. You may think you're safe, watching from the other side of the river, but moments later, the fire is at your back."

The veteran banker, whose career with Bank of Tokyo-Mitsubishi has posted him to London and New York, as well as Tokyo and San Francisco, listed the creation of the European common market, bigger than the United States and Year 2000 (Y2K) issues as finance and foreign trade challenges. He reminded the trade executives: "Challenges lead to progress, but can cause frustration, too. As we meet the challenges of creating a global economy, it is well to remember that good ideas can get lost in angry words, and respect means the same in all languages."

Union Bank of California has supported global trade since the 1870s, when it was instrumental in negotiating the first trade treaty between a U.S. corporation and the nation of Japan. This effort enabled Japan's Meiji government to modernize its currency and adopt the yen.

With more than a century of international banking expertise and $31 billion in assets, Union Bank of California today has offices in 13 nations, maintains correspondent banking relationships with more than 4,000 international banks, handles foreign exchange in 35 currencies and supports trade through its 250 branches throughout California, Oregon and Washington. As an integral part of Bank of Tokyo-Mitsubishi's worldwide network, Union Bank of California was honored as a major player in international finance.