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Wachovia Retirement Services Completes the Purchase of PFPC Retirement Services Business CHARLOTTE, N.C. - Wachovia Corporation (NYSE:WB) today announced that it has completed the purchase of the proprietary retirement-services record keeping and third-party servicing business of PFPC Inc., a member of The PNC Financial Services Group, Inc. (NYSE:PNC). "This transaction affirms Wachovia's commitment to the retirement-services industry," said Joseph F. Ready, director of Wachovia Retirement Services (a division of Wachovia Bank, N.A.). "We now have the size and scale to effectively compete in this industry, and we look forward to better serving clients with our enhanced capabilities." WySTAR Global Retirement Solutions, a division of Wachovia Retirement Services, will market, service and support the third-party retirement outsource record-keeping business. Today, Wachovia services more than 4,100 retirement plans with 1.3 million plan participants and pensioners, encompassing $50 billion in assets. The financial details of the transaction were not disclosed. Ready will head the Charlotte-based group. Wachovia Corporate and Institutional Trust, part of the Capital Management Group headed by Don McMullen, offers retirement services, bond administration, custodial services and investment management to institutional clients worldwide. Based in Charlotte, N.C., the Corporate and Institutional Trust group has 37 regional locations in 17 states plus the District of Columbia. Wachovia Retirement Services offers a wide array of retirement products. Wachovia is committed to providing fully bundled defined contribution, defined benefit and non-qualified retirement plans that exceed customer expectations. Headquartered in Charlotte, N.C., Wachovia Retirement Services has over 1,100 employees. For more complete information about Wachovia Retirement Services please visit them online at http://www.wachovia.com/401k or call 800-917-9343. Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $348 billion and stockholders' equity of $32 billion at March 31, 2003. Wachovia is a leading provider of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com. |
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