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Press Releases

December 01, 1999
First Union Securities Announces Online Foreign Exchange
New technology allows automated execution of foreign exchange over the Internet

CHARLOTTE-First Union Securities announces the introduction of Online FX, one of the first Internet-based platforms for foreign exchange dealing. Online FX, accessible through www.firstunion.com, offers corporate customers of First Union National Bank real-time exchange rates, detailed FX reporting, easy payment execution, and state-of-the-art security controls.

Foreign exchange customers can use the Internet-based system during business hours. Next year, First Union National Bank will extend the service to customers interested in 24-hour access to foreign exchange and real-time market rates. Online FX provides customers with a software-free delivery channel for managing foreign exchange needs.

"Our goal is to provide our corporate customers with the ability to execute foreign exchange regardless of their location," said Beth Perryman, Managing Director of Currency Risk Management at First Union. "Being online gives our customers access to real-time market rates allowing them to conduct their business quickly and easily. Online FX allows us to provide excellent service by increasing our efficiency and consolidating customer information."

Using Online FX for foreign exchange provides customers with:

A secure and efficient software-free delivery channel for customers looking to manage their foreign exchange needs
Full access to execute foreign exchange from any online location by logging on to firstunion.com/capitalmarkets/fx
Real-time exchange rates and detailed FX reporting, of current and historical information
State-of-the-art security controls
Automated confirmations and settlement
Expert assistance from First Union's Foreign Exchange desk

First Union National Bank is a subsidiary of First Union Corporation, a leading provider of financial services to more than 16 million retail and corporate customers throughout the East Coast and the nation. First Union Corporation is the nation's sixth largest bank holding company with assets of $235 billion as of September 30, 1999. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C., and securities offices in 41 states.

Important Notice: First Union Securities is the trade name under which First Union Corporation conducts its investment banking, merger and acquisition, asset management and mutual fund, brokerage and insurance businesses. First Union Securities includes: (1) First Union Securities, Inc. ("FUSI"), a registered broker-dealer and member NYSE/NASD and SIPC providing investment banking, merger and acquisition advisory and brokerage services to corporations, individuals and other institutions throughout the United States; (2) First Union Brokerage Services, Inc. ("FUBS"), a separately registered broker-dealer and member NASD and SIPC providing primarily retail brokerage services; (3) First Clearing Corporation ("FCC"), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (4) the Capital Markets and Capital Management Groups within First Union National Bank ("FUNB"), a national banking association, and its subsidiaries, providing asset management, lending, structured finance risk management, derivatives, foreign exchange, and fiduciary services to institutions and individuals; (5) various subsidiaries within First Union Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds and (6) various wholly-owned state insurance agencies. Stocks, bonds, mutual funds or other securities offered or sold through First Union Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by First Union Corporation, FUNB or any bank; and involve investment risk, including possible loss of principal.