CHARLOTTE, N.C., Sept. 28 /CNW/ -- Wachovia Bank, N.A. and Lloyds TSB
Bank, PLC today announced the expansion of their longstanding relationship,
incorporating an agreement for Lloyds TSB to outsource its trade back-office
processing to Wachovia Bank in Hong Kong.
"Our customers will be the ultimate beneficiaries of this agreement,"
said Paul Baker, Lloyds TSB Bank PLC, managing director, Group Operations.
"This agreement with Wachovia will enable us to provide a stronger, more
comprehensive customer proposition, while increasing flexibility and reducing
"We're extremely pleased to deepen our longstanding relationship with
Lloyds TSB," said Michael Heavener, head of Wachovia's Global Financial
Institutions and Trade division. "We look forward to developing our strategic
trade partnership with Lloyds TSB, leveraging our strong focus on customer
service, innovative trade platform and ability to customize our services for
their specific requirements."
Wachovia will assume a full processing role beginning in early 2008.
About Wachovia Global Financial Institutions and Trade division
Wachovia's Global Financial Institutions and Trade division has a
200-year legacy in International correspondent banking. FImetrix Research has
ranked Wachovia the No. 1 correspondent bank provider in Asia and Latin
America in market share, No. 4 in Western Europe, and No. 1 worldwide in
overall customer satisfaction. Wachovia is a global leader in correspondent
banking and trade services and maintains more than 3,000 correspondent
relationships in more than 130 countries through a network of 44 offices,
including eight overseas branches.
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $719.9 billion and
market capitalization of $97.5 billion at June 30, 2007. Wachovia provides a
broad range of retail banking and brokerage, asset and wealth management, and
corporate and investment banking products and services to 13 million household
and business customers. Wachovia has 3,400 retail financial centers in 21
states from Connecticut to Florida and west to Texas and California, and
nationwide retail brokerage, mortgage lending and auto finance businesses.
Globally, clients are served in selected corporate and institutional sectors
and through more than 40 international offices. Our retail brokerage
operations under the Wachovia Securities brand name manage more than $795
billion in client assets through approximately 10,800 registered
representatives in 774 offices in 48 states and through service affiliate
offices in Latin America. Online banking is available at wachovia.com; online
brokerage products and services at wachoviasec.com; and investment products
and services at evergreeninvestments.com.
In May 2007, Wachovia announced an agreement to acquire A.G. Edwards,
Inc., a financial services holding company whose primary subsidiary is the
national investment firm of A.G. Edward & Sons, Inc. A.G. Edwards and its
affiliates employ 6,623 financial consultants in 741 offices nationwide and
two European locations in London and Geneva. This proposed acquisition is
expected to be completed in the fourth quarter of 2007, pending the approval
of A.G. Edwards shareholders and applicable regulatory approvals.
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For further information: Victoria Wolfram, +1-704-715-3915 Web Site: