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September 08, 2006
Wachovia Announces Partnership With GE's Corporate Payment Services Unit to Provide Commercial and Purchasing Cards
MasterCard® Selected as Preferred Brand for New Commercial Products

CHARLOTTE, N.C. — Wachovia Corp. today announced a strategic partnership with GE Money – Corporate Payment Services (CPS) to provide commercial and purchasing cards to its Wholesale and Treasury Services customers. The agreement further supports Wachovia’s announcement last year to re-enter the credit card business as a direct issuer.

Under the terms of the partnership, Wachovia will sell, underwrite, manage, and own the asset portfolio, which will feature MasterCard as its preferred brand. CPS will provide all back-office functions, and a rich information reporting and analytical toolkit that is essential to companies that will use these products to enhance their cash management and procurement capabilities.
“We are extremely pleased to have a partner that is as focused on service excellence and customer-centric product design as we are,” said Steve Boehm, president of Wachovia Card Services. “We have created a truly unique, interdependent relationship. We chose GE to capitalize on their expertise in the commercial and purchasing card market. We are also pleased to provide them with unmatched distribution capabilities in the wholesale banking and middle market segment. We look forward to building a successful business with them over the next several years.”
“This relationship should prove to be a great combination of strengths that will drive growth,” said Jeffery R. Dye, President, CPS. “Leveraging Wachovia’s market presence and customer relationships with GE’s extensive capabilities in commercial card servicing and technology should create compelling value for the customer.”
The Wachovia Wholesale card business will be managed by Laura Rother, a member of the team led by Bob Ryan, head of Product Innovation and Management. The company expects to begin selling its new product line to customers in the fourth quarter.
Wachovia announced in November 2005 that it had terminated its existing joint marketing agreement with MBNA and re-entered the credit card business. Wachovia, one of the leading retail banking and brokerage businesses, introduced their new retail credit card products in July, featuring a an expandable rewards program, which allows customers to combine debit and credit card points, and provides a customer-friendly fee structure, including waiving certain nuisance and over-limit fees.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 16 states with 3,109 offices from Connecticut to Florida and west to Texas and California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Wachovia had assets of $553.6 billion, market capitalization of $86.0 billion and stockholders’ equity of $48.9 billion at June 30, 2006.
The proposed merger with Golden West Financial Corporation (NYSE: GDW), parent of World Savings Bank, is expected to close in the fourth quarter of 2006, pending regulatory approval. With this proposed merger, Wachovia would strengthen its position in California, Texas, Florida, New Jersey and New York, and enter attractive metropolitan areas in five additional states: Arizona, Colorado, Illinois, Kansas and Nevada. The combined company would serve banking customers through 3,400 offices in 21 states and Washington, D.C. In addition, Wachovia would gain mortgage lending operations under the World Savings Bank name in 39 states.
About CPS
Corporate Payment Services, the commercial card unit of GE Money - Americas, develops and markets corporate bank cards and e-settlement tools designed for small-, medium- and large-sized companies and organizations. For more information, visit www.gebusinessmarketplace.com.
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link between financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes more than 14 billion payments each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories. For more information go to http://www.mastercardworldwide.com/.