Wachovia Completes Acquisition of Ameriprise Financial’s Defined Contribution Recordkeeping Business
June 01, 2006
CHARLOTTE – Wachovia Corp. (NYSE: WB) announced today that it has completed its acquisition of the defined contribution recordkeeping business of Minneapolis-based Ameriprise Financial, Inc.
“This acquisition adds significant scale to our retirement plan business,” said Joe Ready, senior vice president and head of Wachovia Retirement Services. “We’re pleased to welcome our new teammates and look forward to continuing to provide outstanding service to Ameriprise’s 401(k) recordkeeping clients.”
The combined organization will provide recordkeeping services to more than 2 million participants and pensioners and over $100 billion in assets. Wachovia Retirement Services will continue to be based in Charlotte, but will maintain significant presence in the Minneapolis area. Terms of the transaction were not disclosed.
About Wachovia Retirement Services
Wachovia Retirement Services is part of the Retirement and Investment Products Group, a division of Wachovia’s Capital Management Group. Wachovia Retirement Services provides fully bundled defined contribution, defined benefit and nonqualified retirement plans to both small and large companies, unions and municipalities.
In 2005, Wachovia Retirement Services ranked first or second in 11 client satisfaction categories in Boston Research Group’s 2005 defined contribution provider study. Additionally, Wachovia Retirement Services earned 19 “Best in Class” awards in PlanSponsor magazine’s 2005 Defined Contribution survey.
For more complete information about Wachovia Retirement Services, please visit online at www.wachovia.com/401k.
About Wachovia Corporation
Charlotte-based 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 3,159 offices in 16 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, 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 $541.8 billion, market capitalization of $90.2 billion and stockholders’ equity of $49.8 billion at March 31, 2006.
Media Contact: Mark Folk
Investor Contact: Alice Lehman
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