“We have been in Vietnam since 2003 and are extremely excited about our expanded presence in this important country. Vietnam is a growing and vibrant market, and supporting our correspondent banking clients is consistent with our global strategy of providing payment, collections, trade and capital markets solutions to financial institutions,” said Chuck Silverman, managing director and area head for the Asia South region.
The Hanoi representative office will be led by Linh Trinh who joins Wachovia's chief representative for Vietnam, Phong Nguyen, and the representative for Ho Chi Minh City, MaiLe Dao, in covering this market. “Through our expanded physical presence, we are well-positioned to continue providing excellent coverage to our correspondent partners in the northern part of Vietnam,” said Mr. Nguyen.
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 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.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia operates as Wachovia Bank through 3,159 offices in 16 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. 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. Wachovia had assets of $541.8 billion, market capitalization of $90.2 billion and stockholders' equity of $49.8 billion at March 31, 2006.
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