Bertos manufacturing corporation evaluating markets to inv

1. BERTOS MANUFACTURING CORPORATION
Evaluating Markets to Invest Abroad
E. N. Roussakis and Anastasios Moysidis
Abstract: This case deals with the key considerations when
planning an international
expansion through direct investment in foreign markets. These
considerations must be
addressed by a finance company seeking to establish foreign
subsidiaries to support the
international sales of its parent firm, a U.S.-based multinational
enterprise (MNE). The
company already operates three foreign subsidiaries--in Canada,
Mexico (both NAFTA
members), and the United Kingdom--but wishes to increase this
network further through
entry into additional markets. Ten candidate countries are
being considered to determine
the five most suitable for entry. Hence the need for a rational
decision of where to invest.
Keywords: Subsidiaries; multinational enterprise; transnational
activities; foreign direct
investment; g r e e n f i e l d i n v e s t m e n t ; l e v e r a g e d
i n s t i t u t i o n ; w h o l e s a l e
f i n a n c i n g ; c a p t i v e finance company; retail
installment contract

2. 1 Introduction
Victoria Pernarella is a recent university graduate in business
administration a n d a new
hire in Bertos Financial Services, Inc., a major finance company
in Nashville, Tennessee.
After a m o n t h l o n g r o t a t i o n a l t r a i n i n g t o g a
i n i n s i g h t s i n t o th e c o m p a n y ’ s scope
o f activities, she was placed in the international department
where she has been assigned
to work on a project. Bill Pappas, her manager, had asked her to
analyze a select number
of foreign countries to determine the best prospects for the local
establishment of
subsidiary finance companies. He went on to clarify that the
mode of entry into the foreign
markets-- acquisition of an existing company or a greenfield
investment (from the ground
up, that is, from a green field)--was not a primary consideration
at this stage. The
candidate countries were Botswana, Chile, Honduras, Iceland,
Indonesia, Kuwait, New Zealand,
Paraguay, Senegal, and Vietnam. With finance companies
highly leveraged institutions, the
firm was prepared to provide the initial amount of equity capital
needed for the
establishment of five such institutions. At this stage
therefore, the study ought
to limit its recommendation to a corresponding number of
foreign countries.
With this information at hand, Victoria started reflecting on the
approach to use for
her analysis. Sensing the need to prove her capabilities by
delivering a high quality study

3. for her first company assignment, she thought appropriate to
first familiarize herself with
the pertinent literature on the international expansion of
multinational enterprises (MNE)
in g e n e r a l a n d b a n k s i n p a r t i c u l a r , a n d t h e
n r e v i e w b a c k g r o u n d i n f o r m a t i o n
o n h e r employer, and the scope of activities of its financial
subsidiary. Hence the
sequence of the following sections which address the
internationalization process
(literature review on the development o f MNEs), the modes of
bank entry into foreign
markets, b a c k g ro u n d o f parent company, financial
subsidiary and scope of activities, and
developing criteria for country recommendation.
2 Internationalization Process--A Theoretical Perspective
Recent decades have witnessed the internationalization o f
operations of many companies
around the world, and especially U.S. corporations. Although
the extent, form and pattern
of their transnational a c t i v i t i e s v a r y according t o the
characteristics o f the firms,
t h e products t h e y p r o d u c e , a n d t h e m a r k e t s i n
w h i c h t h e y o p e r a t e , t h e y a l l
r e f l e c t t h e dynamics of a changing and increasingly
competitive international
environment. Of the theories that have sought to explain the
transnational activities of
enterprises, the eclectic paradigm (Dunning, 1988) enjoys a
dominant position. This concept
provides a broad framework for the alternate channels of
international economic

4. involvement of enterprises and focuses on the parameters that
influence individual MNE
foreign investment decisions (Buckley and Casson, 1976;
Dunning, 1977). Specifically, the
eclectic paradigm identifies three important determinants in the
transnational activities of
firms-- ownership, location and internalization (OLI). The first
condition of the OLI
configuration states that a firm must possess certain owner-
specific competitive advantage
in its home market that can be transferred abroad if the firm’s
foreign direct investment
(FDI) is to be successful. This advantage must be firm specific,
not easily copied,
transferable, and powerful enough to compensate the firm for
the potential disadvantages
and risks of operating abroad. Certain ownership-specific
competitive advantages enjoyed
in the home market, such as financial strength and economies of
scale, are not necessarily
firm specific because they can be also attained b y other f i r m
s . Similarly, c e r t a i n ty p es
of technology d o not e n su re a firm - specific advantage
because they can be purchased,
licensed or copied. Production and marketing o f differentiated
p r o d u c t s , t o o , can lose
their competitive e d g e to modified versions of such products
promoted by lower pricing
and aggressive marketing.
The second strand in the OLI model stands for location-specific
advantages. That
Is, the foreign m a r k e t m u s t possess c e r t a i n ch
aracteristics t h a t will allow the firm to
exploit its competitive advantages in that market. Choice of
location may be a function of

5. market imperfections or of genuine comparative advantages of
particular places. Other
important considerations t h a t may influence the locational
decision may include a low-
cost but productive labor force, unique sources of raw materials,
form ation of a custom
unions or regional trading bloc, defensive investments to
counter a firm’s competitors, or
centers of advanced technology.
The third component of the OLI paradigm is internalization and
refers to the
importance for a firm to safeguard its competitive position by
maintaining control of its
entire v a l u e c h a i n i n i t s industry. This c a n b e a c
c o m p l i s h e d through f o r e i g n
d i r e c t investment r a t h e r t h a n l i c e n s i n g o r o u
t s o u r c i n g . Transferring
p r o p r i e t a r y i n f o r m a t i o n across national
boundaries within its own organization
w o u l d enable a firm to maintain control of its firm-specific
competitive advantage.
Establishment of wholly owned subsidiaries abroad r e d u c e
s t h e f i n a n c i a l agency
c o s t s t h a t a r i s e f r o m a s y m m e t r i c information,
lack of trust and the need to
monitor foreign partners, vendors, and financial intermediaries.
Further, if the parent firm
funds the operations of its foreign subsidiaries, self-financing e
l i m i n a t e s the need to
observe specific debt provisions t h a t would result from local
financing. If a
multinational firm has access to lower global cost and greater
availability of capital why
subject its operations to local financial norms or share these
important advantages with

6. local joint venture partners, distributors, licensees, and banks
that would probably have a
higher cost of capital.
Of t h e t h r e e p r e m i s e s o f t h e p a r a d i g m
described a b o v e , t h e
s e c o n d s t r a n d (locational a d v a n t a g e ) h a s b e e n
t h e s u b j e c t o f increased
t r e a t i s e . Although i n theory market imperfections and
comparative advantage are key
considerations in determining the attractiveness of particular
locations, in practice firms
have been observed to follow a search pattern influenced by
behavioral factors. As
rational decisions require availability of i n f o r m a t i o n
and f a c t s , d e t e r m i n i n g
where t o i n v e s t a b r o a d f o r t h e f i r s t t i m e i s
significantly m o r e challenging than
where to reinvest abroad. The implication is that a firm learns
from its operations abroad
and what it learns influences subsequent decisions. This premise
l i e s behind tw o related
b e h a v i o r a l t h e o r i e s o f foreign direct in v estm en t
decisions--the behavioral approach
and international network theory. The former, exemplified b y
the S w e d i s h S c h o o l o f
economists (Johansen a n d W i e d e r s h e i m -Paul, 1975;
Johansen a n d V a l h n e , 1 9 7 7 ),
s o u g h t t o e x p l a i n b o t h t h e initial a n d l a t e r F
D I decisions of a sample of Swedish
MNEs based on these firms‟ scope of international operations
over time. The study
identified that these firms favored initially countries in “close
psychic distance”; that is,

7. they tended to invest first in countries that possessed a similar
cultural, legal, and
institutional environment to that of Sweden’s, e.g., in such
countries as Denmark, Finland,
Norway, Germany and the United Kingdom. As the firms gained
know ledge a n d
experience f r o m their initial o p e r a t i o n s, they tended to
accept greater r i s k s b o t h i n
t e r m s of the countries’ p s y c h i c d i s t a n c e a n d t h
e s i z e o f their investments.
The development and growth of Swedish companies over time,
contributed to a
transformation i n the nature of the parent/foreign-subsidiary
relationship. The
international network theory addresses this transformation by
identifying such changes as
the evolution of control from centralized to decentralized,
nominal authority of the parent
firm over the organizational network, foreign subsidiaries
competing with each other and
with the parent for resource allocations, and political coalitions
with competing internal
and external networks.
Some authors (Eiteman et al., 2010) view the
internationalization of operations as
an o u t g r o w t h o f s e q u e n t i a l s t a g e s i n th e d e
v e l o p m e n t o f a f i r m . They r e f e r t o
this progression in the scope of business activity as the
globalization process and identify
three distinct phases. In the domestic phase, a company sells its
products to local
customers, and purchases i t s m anufacturing a n d s e r v i c e
i n p u t s f r o m lo cal v e n d o r s .
As t h e company grows t o b e c o m e a v i s i b l e a n d v

8. i a b l e c o m p e t i t o r a t h o m e ,
i m p e r f e c t i o n s i n f o r e i g n national markets or
comparative advantages of particular
locations translate into market opportunities and provide the
impetus for an expansion
strategy. Entry into one or more foreign markets will make the
company attain the
international trade phase. At this stage the c o m p a n y i m p o
r t s i t s in p u ts f r o m
f o r e i g n s u p p l i e r s a n d e x p o r t s i t s p r o d u c t
s a n d services to foreign buyers. In this
facet, the firm faces increased challenges of its financial
management, o v e r and above the
traditional r e q u i r e m e n t s o f the domestic-only p h a s e
. Exports and imports expose the
firm to foreign exchange risk as a result of currency
fluctuations in global markets.
Moreover, they expose the firm to credit risk management;
assessing the credit quality of
the foreign buyers and sellers is more formidable than in
domestic business. When the firm
senses the need to set up foreign s a l e s and service affiliates,
manufacture abroad or
license foreign firms to produce and service its products, it
progresses to the third phase,
the multinational phase. Many multinational enterprises prefer t
o i n v e s t i n w h o l l y
o w n e d s u b s i d i a r i e s t o m a i n t a i n e f f e c t i v e
c o n t r o l o f t h e i r competitive
advantage and any new information generated through research.
Ownership of assets and
enterprises in foreign countries exposes the firm’s FDI to
political risk-- political events that

9. can undermine the economic viability and performance of the
firm in those c o u n t r i e s .
Political r i s k can range f r o m se iz u re o f property
(expropriation) a n d ethnic strife to
conflict with the objectives of the host government (governance
risk) and limitations on
the ability to transfer funds out of the host country (blocked
funds).
Figure 1 portrays the sequential s t a g e s in a firm’s
international e x p a n s i o n a n d
provides an overview of the globalization process and the FDI
decision. For a firm with a
competitive advantage in i t s h o m e m a r k e t , a t y p i
c a l sequence in i t s
i n t e r n a t i o n a l expansion would be the reach to one or
more foreign markets by first
using export agents and other intermediaries before engaging in
direct dealings with foreign
agents and distributors. As the firm learns more about
foreign market conditions,
payment conventions and financial institutions it feels more
confident in establishing its
own sales subsidiary, s e r v i c e facilities and distribution
system . These moves c u l m i n a t e
in foreign direct investments and control of assets abroad.
Some of these assets may have
been built from the ground up, or acquired through purchase of
an existing firm or
facility. As the level of physical presence in foreign markets
increases so does the size
of foreign direct investment.

10. 3 Modes of Bank Entry into Foreign Markets
Unlike industrial and manufacturing firms, w h i c h have
expanded internationally along
the patterns suggested above (eclectic paradigm and
globalization process), financial
institutions h a v e e n t e r e d f o r e i g n m a r k e t s p r i
m a r i l y i n response t o the n e e d s o f
their business clients. Indeed, this has been the case for
commercial banks, the oldest and
most dominant institution of the U.S. financial system. The
growth of multinational
corporations and the accelerating pace of globalization in
business activity increased the
demand for international financial services and i n d u c e
d the e x p a n s i o n of
b a n k s ’ international operations a n d p r e s e n c e a b r
o a d . Whether p r o a c t i v e l y
(to e n h a n c e o w n growth and profitability) or defensively
(to deny a competitor the
benefit of the client’s business), banks have sought to enter
foreign markets early and
quickly to gain from the first-mover advantage. The rush of
Western banks into Central
and Eastern Europe in the
1990s exemplifies the drive to gain this first-mover advantage
(Hughes and MacDonald,
2004).
In weighing entry into a foreign market a number of factors
must be taken into
account, including the bank’s resources (both financial and
human), projected volume of
international business, k n o w l e d g e o f --and e x p e r i e
n c e w i t h --foreign markets,

11. b a n k i n g structure a n d r e g u l a t i o n i n t h e c o u n
t r i e s t a r g e t e d f o r e n t r y , t a x
c o n s i d e r a t i o n s , and customer profile. A key variable in
the decision process is the
vehicle to be used in the delivery of international services.
Major banks around the
world have used anyone or a combination o f vehicles to
structure their international
o p e r a t i o n s . The lowest possible level of presence in a
foreign market may be attained
through a correspondent banking relationship--using a native
institution t o provide the
financial s e r v i c e s needed in that market. This approach
may be duplicated in one or
more countries abroad, as needed, for the p r o c e s s i n g o f
i n t e r n a t i o n a l transactions.
It e n t a i l s n o i n v e s t m e n t and h e n c e n o
Exposure t o the foreign m a r k e t . Extension o f services
m a y be based on a reciprocal
deposit account between the banks or an individual fee per
transaction. A representative
office e n a b l e s a p h y s i c a l p r e s e n c e i n a f o r e
i g n m a r k e t . However, i t c a n n o t
p r o v i d e traditional banking services; it can only engage in
such activities as serving
as a liaison and performing marketing function for the parent
bank. As it does not
constitute a legal entity it has no legal or tax liability. An
agency may perform more
functions than a representative office but cannot perform all
banking functions (e.g., in the
United States a foreign b a n k a g e n c y m a y e x t e n d l o
c a l l o a n s b u t c a n n o t a c c e p t

12. l o c a l d e p o s i t s ). The principal vehicle used by U.S.
banks in the conduct of their
activities internationall y is the branch office. This office is a
legal and operational part of
the parent bank, backed the full resources of the parent in the
performance of the banking
functions permitted by the host country. Although it requires a
sizable investment it
enables the provision of full banking services, which t h e p r i
o r v e h i c l e s d o n o t . A
branch o f f i c e i s s u b j e c t t o two s e t s o f
regulation--those o f the home country and
those of the host country. A subsidiary is a separate legal entity
organized under the
laws, and hence regulated by the authorities, of the host
country. It is the second most
important vehicle used by commercial banks for the conduct of
banking business, and may
be established as a new organizatio n or through the purchase of
an existing institution.
Whatever the approach used in its establishment, a subsidiary o
f f e r s two important
a d v a n t a g e s o v e r a branch: it may provide for a wider
range of services, and it limits the
liability of the parent bank to the amount of its equity
investment i n that e n t i t y . The
m a i n d i s a d v a n t a g e o f a s u b s i d i a r y i s that i t
m u s t b e separately capitalized from the
parent bank, which may often entail a greater start up
investment than a branch (Rose and
Hudgins, 2010).
U.S. finance companies interested to expand their activities
internationally t a k e
into account many of the same criteria used by banks. In
structuring their international

13. operations U.S. finance companies favor the subsidiary
organizational form because of the
advantages associated with this type of vehicle. Just as in U.S.
financial markets, foreign
financial s u b s i d i a r i e s a r e heavy u s e r s o f debt i n
f i n a n c i n g t h e i r o p e r a t i o n s .
Principal sources of borrowed funds include bank credits and
issues of debt (e.g., bonds)
in capital markets t o finance th eir lending a c t i v i t i e s i n
their respective m a r k e t s
(Madura, 2 0 1 1 ; Gitman et al., 2010). Finance companies are
extremely diversified in their
credit granting activities, offering a wide range of loans, leasing
plans and long term
credit to support capital investment. One of the most important
markets for finance
companies has been the extension of business-oriented financial
services including working
capital loans, revolving credit and equipment lease financing.
4 Background of Parent Company
Bertos Manufacturing Corporation (BMC) is one of the largest
companies of the country
in the manufacturing of construction and mining equipment,
and engines. BMC draws its
origin in a California firm organized in 1890 to manufacture
steam-powered tractors for
farming. The firm was nominally c a p i t a l i z e d and
aspired to make inroads in the local
market by having its tractors plow California fields. However,
soon after the turn of the

14. century, a n a b a n d o n e d m a n u f a c t u r i n g p l a n t
b y a f a i l e d t r a c t o r c o m p a n y i n
a m a j o r manufacturing c e n t e r in Illinois was
instrumental i n the relocation of
operations in the
Midwest. The l o c a t i o n of t h i s c e n t e r on t h e
Mississippi River made i t a
prime transportation hub offering important prospects for the
young company. Indeed, the
move proved a turning point in the development of the
company. Domestic sales grew so
significantly that by 1911 the factory employed a little over 600
individuals. A natural
consequence o f t h e d o m e s t i c m o m e n t u m w a s t h
e f i r m ’ s e n t r y i n t o f o r e i g n
m a r k e t s through tractor exports to Argentina, Mexico, and
Canada.
World W ar II was a company m i l e s t o n e a s it created a
sharp increase i n the
demand for tractors to built airfields and other military
facilities in strategic sites of the
Pacific. However, it was during the post-war construction boom
that the company grew at
a rapid pace. A series of mergers and acquisitions diversified
operations into the current
scope of products and contributed to BMC’s growth to an
industrial company of national
and international dimension. A successful export-oriented
strategy led to the establishment
of a manufacturing venture outside the United States in 1950,
which marked the beginning
of BMC’s development into a multinational corporation.

15. The company operates in two primary lines of business:
machinery and engines.
The machinery line of business designs manufactures and sells
construction, mining, and
forestry machinery, including track and wheel tractors,
hydraulic excavators, pipe layers,
log loaders, off highway trucks, and related parts. The engines
business line designs,
manufactures and sells diesel and natural gas engines and gas
turbines, which, in addition
to their use in the company's own machines and vehicles,
provide power for boats, ships
and locomotives.
The r e c e n t f i n a n c i a l c r i s i s (2008) l e d t o t h e
r e s t r u c t u r i n g of
o p e r a t i o n s a n d renewed management’s commitment to
fuel efficiency, quality,
technology and safety of the company's machinery and engine
products. Overall, BMC
manufactures some 400 products, which are sold both at home,
and abroad t h r o u g h a
network o f dealers. The company has a worldwide network of
220 dealers: 63 dealers in
the United States and 157 in other countries. To accommodate
domestic and international
demand for its products and components the company has built
109 plants in different part
of the world. Of these, 51 plants are located in the United
States and 58 in foreign
countries, namely, Australia, Belgium, Brazil, Canada, England,
France, Germany, Hungary,
India, Indonesia, Italy, Japan, Mexico, the Netherlands,
Northern Ireland, the People's
Republic of China, Poland, Russia, South Africa and Sweden.

16. The c o m p a n y a l s o
l i c e n s e s o r s u b c o n t r a c t s t h e manufacture of
BMC-branded clothing, hats,
footwear, and other consumer products. To s u p p o r t higher
v o l u m e s , growth a n d
n e w p r o d u c t i n t r o d u c t i o n s , BMC’s worldwide
employment is a little over 100,000,
split evenly between the United States and the rest of the world.
Consolidated revenue last
year amounted to about $45 billion and net profit (after taxes)
$3.5 billion (Table 1).
More than half of the total revenue was generated o u t s i d e
the United States, w h i l e the
North American m a r k e t was the single largest source. A
breakdown of revenues by
geographic region is provided in Table 2.
Although this performance represents the culmination of an
effective international
strategy, BMC has been increasingly c o n c e r n e d about its
future potential in the global
market place. Its board of directors has recognized that although
opportunities for future
growth exist, international competition may undermine the
maximization of consolidated
after-tax returns. To offset th e effects of such a trend, the
board, in its last meeting,
decided t o e x p l o r e n e w a v e n u e s f o r g r o w t h .
A t o p p r o s p e c t was t h e
i n t e r n a t i o n a l expansion of financial services to support
the overseas dealer sales of
BMC products.
5 Financial Subsidiary and Scope of Activities

17. Following t h e practice of other industry leaders (e.g.,
General Electric, M o t o r o l a , a n d
Ford Motor Company), BMC established a wholly-owned, and
separately incorporated,
finance co m p a n y t o perform a dual function--to a c c o m
m o d a t e t h e credit n e e d s of the
parent but most importantly to finance parent company sales
(hence the reference to such
a f i r m a s a c a p t i v e f i n a n c e c o m p a n y ).
Established i n N a s h v i l l e ,
T e n n e s s e e , Bertos Financial Services, Inc. (BFSI)
promotes the sale of the parent's
products and services by engaged in the extension of credit.
Specifically, BFSI extends
wholesale financing to, and purchases r e t a i l installment c o
n t r a c t s f r o m , f r a n c h i s e d
d e a l e r s . Also, it offers v a r i o u s forms o f i n s u r a n
c e t o c u s t o m e r s a n d d e a l e r s t o
s u p p o r t t h e p u r c h a s e a n d l e a s e o f equipment.
Table 3 identifies the location of
BFSI offices in the United States and the geographical m ark et
covered by each office.
The company’s domestic network includes 10 regional offices
and a wholly owned
subsidiary, w h i c h engages solely in the financing and
leasing of construction and
trucking industry equipment on a national scale. Table 3 also id
en tifies B F S I ’ s current
p r e s e n c e a b r o a d , which i s limited t o three s u b s i d
i a r i e s located i n the f o l l o w i n g
c o u n t r i e s --Canada and M exico (both m e m b e r s o f
the North American Free Trade
Agreement), and the United Kingdom.
In its last meeting the BMC board felt that if the spectrum of

18. credit activities
pursued a t home c o u l d b e duplicated a b r o a d i t w o u
l d a d d im portant i m p e t u s i n the
company’s international g r o w t h m o m e n t u m . The
board b e l i e v e s t h a t e s t a b l i s h m e n t o f
finance companies in a n a d d i t i o n a l number of s e l
e c t foreign countries would
be instrumental in maximizing corporate investment returns. To
this end it has requested
an in-house study to screen foreign prospects and expressed the
interest to review
recommendations in its forthcoming meeting. It was under these
circumstances that Bill
Papas assigned the task for this study to Victoria.
6 Developing Criteria for Country Recommendation
To screen the best five prospects among the ten candidate
countries for the establishment
of subsidiary finance companies, Victoria thought appropriate
to develop a set of criteria
on which to base her recommendation. Although she could read
idly identify several key
criteria, s h e f e l t s h e s h o u l d g i v e also d u e
consideration t o the rules and regulations
governing bank operations in the candidate countries. Granted
that the objective was not
to set up commercial banks but finance companies; however, the
banking regulatory
framework provided a n i n d i c a t i o n of t h e k i n d o f
c r e d i t a n d f i n a n c i a l
environment prevailing in these countries.

19. Although t h e focus o f her s t u d y w a s the best f i v e
foreign p r o s p e c t s , s h e f e l t
important t o d e f e n d h e r r e c o m m e n d a t i o n by a
l s o a d d r e s s i n g t h e w e a k n e s s e s
o f t h e excluded countries. She realized that this
classification was only pertinent under
present circumstances and that some of the excluded countries
could realize latent
opportunities to qualify for entry at a later time.
7 Assignment
1. Identify the key criteria and considerations that need to be
taken into account in
evaluating BFSI entry in the proposed foreign markets.
2. Of the countries under consideration, which five would be
most suitable for the
immediate establishment of a BFSI subsidiary? Highlight the
key issues for each of the
selected countries and discuss the reasoning behind your
recommendation.
3. Which countries would be unsuitable for a BFSI subsidiary at
this time, and what are
the basic shortcomings in each case?

20. Figure 1 The FDI sequence: foreign presence and foreign
direct investment
Source: Eiteman et al (2010), Figure 16.8 © 2010 Pearson
Education, Inc.
Reproduced by permission of Pearson Education, Inc.
Table 1 Financial highlights of BMC
___ _ _ _ _ _ _ _ _ _ _ __
Items Billions of dollars
Total revenues $44.9
Profit after taxes 3.5
Assets 56.1
Stockholders‟ equity 8.9
___ _ _ _ _ _ _ _ _ _ _ __
Source: Authors‟ analysis
Table 2 Breakdown of revenues by geographic region
______________________________________________ __
Region Billions of dollars Percent
North America $19.7 43.88
EAME* 14.3 31.85
Latin America 4.5 10.02
Asia Pacific 6.4 14.25
Total $ 44.9 100.00
______ _ _ _ _ _ _ _ _ _ _ _ _ _ ____
*Europe, Africa, and the Middle East.
Source: Authors‟ analysis

21. Table 3 Bertos Financial Services, Inc.: Operations in the
United States and abroad
___ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ __ _ _
Domestic Offices and Market Area Covered
Charlotte, North …