“China has become a critical link in a growing number of our customers’ supply chains. It is increasingly important that we provide our clients and their trading partners with efficient services to facilitate the cross-border movement of goods and services. Our new operating presence in Shanghai will help us to accomplish those goals,” said Michael Heavener, head of Wachovia’s International Division.
The Shanghai branch represents Wachovia's ever-expanding presence in Greater China. With branches in Hong Kong, Taipei, and now Shanghai, Wachovia has positioned itself as a significant financial institution in Greater China, serving the needs of customers with businesses based in this growing part of the world. Additionally, offices in Beijing and Shanghai perform liaison functions between Wachovia’s offices in the United States and customers.
“We are excited to open our Shanghai branch and serve our corporate and institutional customers’ needs in this important market. We hope our customers will view this branch as helpful to their success in the global marketplace,” said Steve Nichols, Managing Director and head of Global Trade Services.
The Shanghai branch was officially opened July 1, 2005. The branch opening, as well as the ten-year anniversary of Wachovia’s presence in Mainland China, was marked in June by two customer events attended by Wachovia Chairman and Chief Executive Officer Ken Thompson and a number of customers and dignitaries.
Wachovia's International Division has a 200-year legacy in International correspondent banking, is a world leader in SWIFT message type 700 trade volume and third-party trade processing, and maintains more than 7,000 correspondent relationships in more than 130 countries through a network of 33 offices and 7 overseas branches. The International Division is also a leader in services for importers and exporters and was the first bank in the world to allow its customers to initiate letters of credit by accessing a web site.
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 $506.8 billion, market capitalization of $80.3 billion and stockholders’ equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
