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Wachovia Corporate and Institutional Trust and BNP Paribas Securities Services Global Corporate Trust Announce Cooperation Agreement Corporate Trust Alliance Provides Global Offering and Benefits Corporate Clients' Securitizations CHARLOTTE, N.C. - Wachovia Corporate and Institutional Trust and BNP Paribas Securities Services' Global Corporate Trust Division are pleased to announce the signing of a commercial agreement, enabling a comprehensive range of corporate trust services to be offered to their respective existing and potential clients in the European and U.S. securitization markets. This cooperation agreement includes the following services -- Trustee, Account Bank, Custody, Collateral and Portfolio Administration Services. The alliance will strengthen both banks' international networks. The combined product offerings of BNP Paribas and Wachovia will provide clients a powerful set of services and products, allowing them to successfully structure their complex financial transactions. Commenting on the agreement, Pascal Pommier, head of Global Corporate Trust at BNP Paribas Securities Services, said, "This important agreement complements BNP Paribas Securities Services' comprehensive corporate trust services provided to our clients throughout Europe. Aligning our product set with Wachovia, the fifth-largest banking firm in the United States, gives us access to the experience and resources we need in the securitization market. This unique combination provides a truly global product offering." "European and U.S. securitization markets are rapidly developing, and the support services required are becoming more sophisticated and complex," said Chuck Dooley, managing director of Wachovia Structured Finance Trust Services. "The combined expertise of the two institutions enables us to offer clients a veritable powerhouse of services. Wachovia's experience in CDO trust services, coupled with BNP Paribas' securities services client base, creates opportunities unmatched in this industry. We are very excited about our alliance with BNP Paribas." Currently, both companies offer corporate trust services in their own markets. Under the terms of the agreement, Wachovia and BNP Paribas will develop a multi-jurisdiction service offering of corporate trust services in the U.S. and Europe, increasing their client bases and matching the requirements of existing and potential clients. About BNP Paribas Securities Services: BNP Paribas Securities Services is a leading securities services provider to the world's financial institutions, with a local presence in all key European markets and Australasia. With 3,100 dedicated staff in 16 countries, BNP Paribas Securities Services has over 600 clients, including 8 of the world's top 10 investment managers, and a global custody network covering 70+ markets. It holds over Euro 2 trillion assets under custody (December 2003) and Euro 235 billion assets under administration for more than 3300 funds worldwide. In 2003, BNP Paribas Securities Services processed over 23 million transactions. BNP Paribas Securities Services' Global Corporate Trust Division provides a full range of trustee, transaction management, agency and custodian services to the international debt capital markets. About Wachovia Corporate and Institutional Trust: Wachovia Corporate and Institutional Trust offers retirement services, custodial services and investment management, conventional and structured finance trust solutions, equity services, and information management and claims processing to institutional clients worldwide. Based in Charlotte, N.C., Wachovia Corporate and Institutional Trust has 40 locations in 18 states plus the District of Columbia. 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 $418.4 billion, market capitalization of $58.3 billion and stockholders' equity of $32.6 billion at June 30, 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. |
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