Wachovia Celebrates Expansion of Fixed Income Division and 25 Years in Hong Kong

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:   [phone]

     Elise Wilkinson, 
     Wachovia Corp.
     Tel:   [phone]

SOURCE  Wachovia Corporation