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January 14, 2004
Wachovia Retirement Services Announces Acquisition
CHARLOTTE, NC - Further demonstrating its commitment to the retirement business, Wachovia Corporation (NYSE:WB) today announced that its retirement services unit acquired The Bank of New York's (NYSE:BK) Employee Investment Plans Division, which offers bundled daily recordkeeping and trustee services to defined contribution plans.
The financial details of the transaction, which was completed on December 31, 2003, were not disclosed.
"Building our presence in the retirement market is a key strategic objective of Wachovia Corporation, and the acquisition of Bank of New York's defined contribution daily recordkeeping business adds to our size and scale," said Darryl J. Fluhme, president of Wachovia's Corporate and Institutional Trust. "The Bank of New York is a well-known and respected provider of retirement services, and we are pleased that our capabilities and product line were complementary. We look forward to welcoming Bank of New York and its plan sponsors and participants to Wachovia."
The Employee Investment Plans Division of the Bank of New York already leverages Wachovia's WySTAR recordkeeping platform, which will allow clients to maintain uninterrupted access to the core WySTAR recordkeeping functionality. Plan sponsors and plan participants should quickly benefit from Wachovia's significant investment in the Internet, VRU, Cash Management and Call Center systems. In addition to the increased automation, plan sponsors will also have access to a broad array of investments and educational programs designed to meet their unique needs.
"This transaction builds economy of scale for the combined business and creates enhanced services and operational efficiencies," said Joseph F. Ready, managing director of Wachovia Retirement Services, a division of Wachovia Corporation. "The technologically advanced WySTAR system, complemented by our team of customer-service professionals and broad product continuum, will allow us to build on The Bank of New York's work and bring significant value to these clients."
"Wachovia will provide a seamless transition for our defined contribution recordkeeping clients and offer them a broad array of products and services designed to meet their needs," said Gary Nazare, managing director and head of The Bank of New York's Stock Transfer and Employee Investment Plans Division. "We remain fully committed to the needs of our employee benefit plan clients to whom we provide investment management, custody, trust, benefit disbursement and administrative services."
Wachovia will now service more than 4,400 retirement plans with 1.3 million plan participants and pensioners, encompassing nearly $62 billion in assets under administration. Ready will head the Charlotte-based group.
About Wachovia Corporate and Institutional Trust
Wachovia Corporate and Institutional Trust, part of the Capital Management Group, offers retirement services, custodial services and investment management, conventional and structured finance trust solutions, equity services, and information management and claims processing to institutional clients worldwide. Based in Charlotte, N.C., the Corporate and Institutional Trust group has 42 locations in 18 states plus the District of Columbia.
About Wachovia Retirement Services
With more than $60 billion in assets under administration (11/30/03), Wachovia Retirement Services offers a wide array of retirement products. Wachovia is committed to providing fully bundled defined contribution, defined benefit and non-qualified retirement plans that exceed customer expectations. Headquartered in Charlotte, N.C., Wachovia Retirement Services has 4,300 plans and over 1.3 million participants and pensioners. For more complete information about Wachovia Retirement Services please visit them online at http://www.wachovia.com/401k or call 800-917-9343.
About The Bank of New York
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
About Wachovia Corporation
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at Sept. 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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