2007'02.01.Thu
Wachovia Celebrates Expansion of Fixed Income Division and 25 Years in Hong Kong

March 23, 2006

With a Leading Correspondent Banking and Trade Services Franchise, Wachovia Grows Capital Markets Platform in Hong Kong
CHARLOTTE, N.C., March 23 /Xinhua-PRNewswire/ -- Wachovia Corp., the fourth largest bank in the U.S. based on assets, has operated in Hong Kong for over 25 years, offering top-ranked correspondent banking and trade services capabilities. More recently, the firm has offered an expanding range of capital markets and fixed income products to Wachovia's bank relationships in Asia. To house its growing presence, the bank has leased new offices in two locations for its more than 500 Hong Kong employees and will officially open the new space on March 29. Wachovia began building its Asian franchise in 1979 and now operates from 16 locations and five licensed bank branches. In September 2005, Wachovia expanded its global correspondent banking and trade services platform with the acquisition of the international correspondent banking business of Union Bank of California, a business that also focused on Asia. Part of Wachovia's need for greater space in Hong Kong is to accommodate the firm's growing fixed income sales and trading floor. "We're proud of the long history of our financial institutions and trade activity in the Asian market and are now equally excited at the prospect of broadening our activities for clients to include capital markets solutions. We believe the strength of our integrated services will help us raise our profile in this very important region," said Steve Cummings, head of Wachovia's Corporate and Investment Banking division. Head of Fixed Income Curtis Arledge sees opportunity for more success. "We've built a leading fixed income platform in the U.S., and there is great opportunity for us to deliver our structured products, global rates, credit products and real estate capital markets capabilities to Asian clients," said Arledge. "Asian economies are growing twice as fast as that of North America, and our clients continue to seek Wachovia's support to capitalize upon this growth." "Our narrow yet deep focus on financial institutions banking is recognized around the world. In the most recent FI Metrics analysis of correspondent banking, Wachovia was ranked first in 'overall institutional satisfaction.' We're confident that there are meaningful synergies to be realized between our correspondent banking and fixed income specialties," said Michael Heavener, head of Wachovia's Global Financial Institutions and Trade Services division. About Wachovia's Corporate and Investment Banking Group Wachovia's Corporate and Investment Banking group offers a full suite of products and services to public and private companies, institutional investors, financial institutions and the financial sponsor community. Investment banking and the global markets businesses (fixed income, equities, and research) operate under the Wachovia Securities brand and have become a global force in the capital markets arena by providing comprehensive advisory, capital raising, structuring, research and execution services. Wachovia's Corporate and Investment Bank also includes the 3rd largest Treasury Services business in the U.S. as well as leading asset-based lending and global correspondent banking services. The firm is built on a cohesive culture that encourages creative ideas, capital solutions, and experienced advice to all clients. Wachovia Securities is the trade name for the corporate, investment banking, capital markets and institutional securities businesses of Wachovia Corporation and its subsidiaries. These businesses are conducted through Wachovia Capital Markets, LLC (WCM), member NASD, NYSE and SIPC, Wachovia Securities International Limited, which is authorized and regulated in the United Kingdom by the Financial Services Authority, and other bank and non-bank broker-dealer subsidiaries of Wachovia Corporation, including Wachovia Bank, National Association, which is authorized as a Restricted License Bank in Hong Kong and regulated by the Hong Kong Monetary Authority. About Wachovia Wachovia Corporation (NYSE: WB) is one of the nation's largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia operates as Wachovia Bank through 3,131 offices in 15 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and six Latin American countries, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Wachovia had assets of $520.8 billion, market capitalization of $82.3 billion and stockholders' equity of $47.6 billion at December 31, 2005. For more information, please contact: Amy H. Jones Wachovia Corp. Tel: +1-704-383-4995 Elise Wilkinson, Wachovia Corp. Tel: +1-704-374-6512 SOURCE Wachovia Corporation
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