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Contact: Allison Freeburn
(704) 715-8290

August 23, 2005
Norman Buchbinder Joins Wachovia's International Division

CHARLOTTE, N.C. -- Wachovia announced today that Norman Buchbinder has joined the firm as a director and product manager in the Structured Trade Finance and Risk Mitigation group, part of Wachovia's International Division. He will be responsible for all facets of origination, structuring and closing of risk mitigated and structured trade transactions within the Americas region, including Latin America, Central America and the Caribbean. Buchbinder is based in Miami and reports to John Sapoch, managing director of structured trade finance.

Buchbinder has more than 18 years of experience in several areas of international banking, including operations, credit, lending and trade finance. He joins Wachovia from Banco Santander Central Hispano, SA, where he was a senior vice president and head of structured trade finance in the firm’s New York office. In this role, he managed a team of six professionals who provided origination support, structuring, distribution and risk mitigation techniques for all structured trade finance transactions within the bank's global network of clients, particularly those in the US, Europe and Latin America. He held similar roles with other financial institutions such as Commerzbank AG, The Bank of New York, and Bankers Trust Company.

Wachovia is a leading provider of cash management and trade services to international correspondent banks and corporate clients.

Through its International Division Wachovia is among the top trade outsourcing banks in the world, with 33 offices and over 13,000 international customers.

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. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders’ equity of $47.9 billion at June 30, 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 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. The 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.