PRESS RELEASES

Media Contact: Leah Dering
704-383-0551

March 14, 2005
Wachovia Realigns Asset Based Lending Business, Names New Group Head

CHARLOTTE, NC - Wachovia announced today the formal joining together of Congress Financial Corporation and Wachovia's asset based lending business to form Wachovia Capital Finance. Bill Davis, Managing Director and Head of Congress Financial, has been named head of the group, which is based in Charlotte. Davis will report to Wayne Robinson.

"For more than 50 years, the Congress Financial brand has been a pivotal source of financing for companies, and for the past six years, Congress has been an important subsidiary of Wachovia. Under Bill's leadership, I believe Wachovia Capital Finance will be in a leading position for providing the most comprehensive services to clients and future clients, " said Robinson.

While Congress Financial has been part of the firm's overall asset based lending strategy, this realignment will more tightly unify the firm's asset based lending services and enhance their coordination with Wachovia's capital markets businesses.

"With an expanded product set and the same talented professionals, Wachovia Capital Finance is now in the best position to help our clients strengthen their financial position and ultimately achieve their business goals," said Davis.

Last year, Wachovia's asset based lending businesses, including Congress Financial, ranked Number Two in the Asset Based Lead Arranger league tables for year-end 2004, according to Loan Pricing Corporation.

Upon completion of the integration, the name "Congress Financial" will no longer be used within the contiguous United States. Congress Financial of Canada will remain a separate corporation and continue to operate under this name.

About Wachovia

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $493.3 billion, market capitalization of $83.5 billion and stockholders' equity of $47.3 billion at December 31, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve customers primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and five Latin American countries. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

Email This Page

Printer Friendly Version