Wachovia celebrates 10 years of service in the Gulf region

This month, the Dubai office of Wachovia Bank, N.A. celebrates its 10th year of providing top-ranked correspondent banking and trade services to financial institutions across the GCC (Gulf Cooperation Council) region and around the world.

United Arab Emirates: Sunday, February 04 - 2007 at 11:01
PRESS RELEASE

'We're proud of our history and the growth of our financial institutions and trade activity in this important part of the world,' said Michael Heavener, head of Wachovia's Global Financial Institutions and Trade Division.

'Our strategy has been to partner with financial institutions instead of establishing a competitive presence in the region, and this has allowed us to develop strong and lasting relationships with our customers here while delivering a full array of payment, deposit, trade and lending solutions,'

said Chafic Haddad, Wachovia's chief representative in the Gulf.

Wachovia Bank, N.A., is part of Wachovia Corp., the fourth-largest financial services corporation in the U.S. based on assets. Wachovia is ranked the No. 1 bank in the Middle East for overall institutional satisfaction. The bank is also ranked No. 1 in overall satisfaction for its commercial payments and cash letter services. (FImetrix Research).

Wachovia's International Division has a 200-year legacy in International correspondent banking. FImetrix Research recently 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 seven overseas branches.

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About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Including the Golden West merger, which closed on October 1, 2006, Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 737 offices in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. 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. At September 30, 2006, Wachovia had assets of $559.9 billion and market capitalization of $88.2 billion. On the same date, based on pro forma data, Wachovia's combined assets were approximately $700 billion and combined market capitalization was $107 billion.

For press enquiries, please contact:

Didem Turkmen/ Komal Odhrani
Rawaj International FZ-LLC
T: +971 4 3913565
F: +971 4 3913564

Posted by Anne-Birte Stensgaard, Senior News Editor
Sunday, February 04 - 2007 at 11:01 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

This Article was updated on Tuesday, May 01 - 2007

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