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Wachovia's International Division Announces Agreement With eTraderoom Web-based service offers one-stop portal for navigating international trade CHARLOTTE, N.C. - Wachovia's International Division announced today that it has entered into an agreement with eTraderoom to make available a Web-based service that will simplify international trade for middle-market customers. The Wachovia-eTraderoom agreement provides middle-market businesses access, via a convenient and secure Web-based location, to the mix of information and resources required for cross-border trade, including many regulatory requirements and market entry strategies. "By adding the eTraderoom product to the suite of services we already offer our middle-market customers, we are arming them with many of the resources they require to successfully navigate international trade," said Mike Schmittlein, Managing Director in the International Division's Global Trade Services Group. "eTraderoom is the Web portal our small and mid-sized customers need to help them grow and manage their global sales, and we are pleased to be able to offer them such a useful tool." eTraderoom also allows companies to more easily generate and qualify new leads, process orders from international customers, calculate trade costs, collect payments and track and verify transaction data. "eTraderoom opens up global trading to the millions of small and medium-sized companies that, because they often lack the necessary resources and in-house expertise, have routinely ignored international inquiries or limited their international business," said Abby Shapiro, CEO of International Strategies, the developer of eTraderoom. "With the proper resources and guides to educate and build their confidence, customers can self-direct through the trading process. eTraderoom helps these companies now realize the full potential of international trade. " Along with eTraderoom, Wachovia's Global Trade Services group, through its U.S. and offshore trade processing centers, offers a complete suite of services for importers and exporters including structured trade finance, letter of credit processing, documentary collections, bankers acceptances, global payments/cash management, open-account services and foreign exchange. Global Trade Services Group As part of Wachovia's International Division, the Global Trade Services group provides a complete array of services to assist U.S.-based companies conduct global trade. Wachovia is the 4th largest issuer of letters of credit in the U.S., and was the first bank in the world to enable companies to initiate letters of credit on the Internet. Through Wachovia's worldwide correspondent bank network, its four branches in Asia alone, as well as dedicated trade processing centers in the U.S., global companies are able to benefit from the bank's efficient and speedy processing of trade transactions. About Wachovia 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 $411 billion, market capitalization of $61.7 billion and stockholders' equity of $33.3 billion at March 31, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com. About eTraderoom eTraderoom is a service of International Strategies, Inc., a global trade content and services provider. eTraderoom is designed with smaller companies in mind and addresses the risks associated with cross-border trade by providing automated, uniform procedures to solve the data exchange and communications issues across all trade activities. More information on ISI and its suite of global trade services can be found at www.etraderoom.com |
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