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December 15, 2004
Wachovia Opens Representative Office in Russia
Moscow office to provide in-market support to correspondent customers
CHARLOTTE, NC, USA - Wachovia Corp. (NYSE: WB) announced today the opening of a new correspondent banking representative office in Moscow. This new location will join Wachovia's existing global network of 32 representative offices that support Wachovia's International Banking division.
"Through our new Moscow office, we will be able to work more closely to support our Russian bank customers and their business relationships," said Larissa Ostrovsky, Vice President and Country Manager, Russia, Baltic and the CIS countries. "The new office also will allow us to deepen our understanding of the Russian domestic correspondent banking market and to provide in-market information to our customers and prospects."
In its initial phase, Wachovia's Moscow office will assist Russian banks with queries related to their U.S. dollar accounts they maintain at Wachovia. These accounts are used to process international payments, clear checks and facilitate trade for select Russian customers.
"We are delighted now to be able to provide personal, responsive and efficient contact from within Russia to our correspondent bank customers, after eight years of remote service," said Elizaveta Yerchenko, Deputy Representative for Wachovia's Moscow office.
Wachovia's International Division has a 200-year legacy in International correspondent banking, is the 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. The International Division is also a leader in letter of credit volume and was the first bank in the world to allow its customers to initiate letters of credit by accessing a Wachovia web site.
About Wachovia
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. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve approximately 14 million client relationships (including households and businesses), primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and Washington, D.C. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com.
Wachovia had assets of $436.7 billion, stockholders' equity of $33.9 billion and market capitalization of $61.4 billion at Sept. 30, 2004. SouthTrust, acquired by Wachovia on November 1, 2004, had assets of $53.8 billion and stockholders' equity of $4.7 billion at Sept. 30, 2004.
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