Wachovia And Fresh & Easy Neighborhood Market Announce Long-Term Alliance

Wachovia to be exclusive ATM provider in Tesco’s new Fresh & Easy Neighborhood Market chain of grocery stores in Southern California, Las Vegas and Phoenix

EL SEGUNDO, Calif.—Wachovia Corporation (NYSE:WB) and Tesco announced today that Wachovia Bank will be the exclusive ATM provider to Fresh & Easy Neighborhood Market when the company’s first stores debut in Southern California, Las Vegas and Phoenix this fall. Tesco, the world’s third-largest retailer, announced in 2006 it would make its first foray into the U.S. grocery market with a new chain of neighborhood-based and consumer-friendly stores on the West Coast.


The partnership between Wachovia and Fresh & Easy Neighborhood Market brings together two companies with an emerging presence in California, an ongoing commitment to the state and other western locales and a strong reputation for easy-to-use and efficient customer service.

“We couldn’t be more pleased to offer state-of-the-art ATMs in Fresh & Easy Neighborhood Market as another convenient service we provide for our West Coast customers,” said Gary Bargeron, senior vice president and manager of Wachovia’s National ATM Program.

Wachovia plans to build approximately 40-50 branches a year over the next five years in California. And this commitment to the market makes Fresh & Easy Neighborhood Market a natural partner.

“This partnership is an excellent way for Wachovia to provide busy consumers with the convenience of one-stop shopping and easy access to their cash,” Bargeron said. “We believe the combination of our top-ranked commitment to customer convenience and satisfaction and Fresh & Easy Neighborhood Market’s concept of convenient, fresh and environmentally friendly products is going to be a big winner in our Western markets.”

CEO Tim Mason of Fresh & Easy Neighborhood Markets said, “When considering ATM providers in the U.S., Wachovia stood out as a logical and natural partner since both companies strive to be good neighbors and employers and to provide the absolute best customer service. We are confident that consumers will be as receptive to Wachovia as they will be to our fresh, high-quality foods.”

The companies are also a natural fit in another important area – environmental stewardship. Wachovia recently announced a “green” financial center design in accordance with Leadership in Energy and Environmental Design (LEED) certification standards. The company will begin opening its green financial centers in Southern California later this year, and by the end of 2008 all new Wachovia branches will be built using LEED standards.

Wachovia’s plans for green branches complement its strong environmental commitment, including a pledge to reduce greenhouse gas emissions by 10 percent from 2005 levels by the year 2010.

Fresh & Easy Neighborhood Market is equally committed to the environment. “Fresh & Easy believes part of being a good neighbor is being a responsible steward of the environment,” said Simon Uwins, Fresh & Easy Neighborhood Market chief marketing officer. “Underscoring that commitment, we will install an innovative 500,000 square foot solar roof at our distribution center, at a cost of $13 million. We believe it will be the largest roof-mounted solar installation in California and possibly the world. In addition to our solar roof, we will minimize waste by recycling or reusing all our shipping material. Our freezer cabinets will use LED rather than florescent lighting, saving 50 percent, and we have modified our fridges to cut energy use by 10 percent.”

The environmental commitment of the two companies is another plus for customers in western markets.

“Wachovia’s commitment to expansion, to the communities where we will do business, and to leading the way in energy and resource conservation is in strong alignment with Fresh & Easy Neighborhood Market’s Good Neighbor policies,” said Bargeron. “This alignment speaks volumes about the value this partnership will bring to the markets we mutually serve.”