"We're proud of our history and growth in this important part of the world, where over the years Wachovia has developed close correspondent banking relationships with more than 70 financial institutions throughout Russia and the Commonwealth of Independent States (CIS)," said Larissa Ostrovsky, director and country manager for Russia and the CIS. Wachovia demonstrated its deepening commitment to this market with the opening of its Moscow Representative Office three years ago.
Wachovia focuses on providing global correspondent banking solutions to financial institutions that can fully benefit from the company's comprehensive array of payment, trade, credit, liquidity and structured finance services.
"Our goal is to be the bank of choice for financial institutions requiring quality solutions for their international business, and ultimately, to be the primary international partner for our Russian customers," said Elizaveta Yerchenko, vice president and relationship manager. "One key to our growth in this region is our ability to focus on building balanced relationships with customers who require an orchestrated blend of both credit and non-credit services."
"The combination of our products, combined with our commitment to providing stellar customer service, has differentiated us in the market," said Dilek Mutus, managing director and area head for Emerging Europe, the Middle East and Africa.
About Wachovia's Global Financial Institutions and Trade Group
Wachovia's International Division has a 200-year legacy in International correspondent banking. FImetrix Research has ranked Wachovia the No. 1 correspondent bank provider in Asia and Latin America in market share, No. 4 in Western Europe, and No. 1 worldwide in overall customer satisfaction. Wachovia is a global leader in correspondent banking and trade services and maintains more than 3,000 correspondent relationships in more than 130 countries through a network of 44 offices, including seven overseas branches.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest diversified financial services companies in the United States, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 21 states in the United 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 768 offices in 48 states and service affiliate offices in Latin America, and corporate and investment banking serving clients in selected corporate and institutional sectors globally. Other nationwide businesses include mortgage lending in all 50 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 March 31, 2007, Wachovia had assets of $706.4 billion and market capitalization of $105.3 billion.
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