Wachovia Celebrates 25 Years Of Service In India
Company Marks Anniversary of Leading Correspondent Banking and Trade Services Franchise
November 06, 2006 - CHARLOTTE, N.C. – Wachovia Corp., the fourth-largest bank in the U.S. based on assets, has provided top-ranked correspondent banking and trade services in India for more than 25 years, and has maintained offices in the country for more than 10 years.
“We’re proud of our history and the growth of our financial institutions and trade activity in India,” said Michael Heavener, head of Wachovia’s Global Financial Institutions and Trade division.
The acquisition of the correspondent banking business of Union Bank of California in 2005, further enhanced Wachovia’s historical presence in India.
The bank opened two new offices this year, and now serves Indian banks through its offices in Chennai, New Delhi and Mumbai. Celebrations are scheduled in each of these cities during the second week of November.
“We’ve developed strong and lasting relationships with the Indian banking community, delivering a full array of payment, deposit, trade and lending solutions,” said Charles Silverman, managing director and head of Wachovia’s Indian Sub-continent and Southeast Asia business.
Silverman added, “With the Indian economy becoming more vibrant and attractive to investors, we see tremendous potential for Wachovia to further grow its position in this market. Moreover, we are uniquely positioned as a partner to the Indian banking community because we do not compete for local corporate or retail business.”
Wachovia has a significant presence in correspondent banking in India, holding USD and Yen accounts with 95 percent coverage of all branches in India. Wachovia is currently the No. 1 correspondent bank in Asia in market share, as well as the No. 1 bank in the world in overall customer satisfaction (FImetrix Research).
Wachovia’s International Division has a 200-year legacy in International correspondent banking. FImetrix Research recently ranked Wachovia the number one correspondent bank provider in Asia and Latin America in market share, and the number one bank worldwide in overall customer satisfaction. Wachovia is a global leader in correspondent banking and trade services, and maintains more than 7,000 correspondent relationships in more than 130 countries through a network of 44 offices, including seven overseas branches.
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.
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