Asia PR News

CHARLOTTE, N.C., Sept. 28 /PRNewswire-AsiaNet/ –

Wachovia Bank, N.A. and Lloyds TSB Bank, PLC today announced the expansion
of their longstanding relationship, incorporating an agreement for Lloyds TSB
to outsource its trade back-office processing to Wachovia Bank in Hong Kong.

"Our customers will be the ultimate beneficiaries of this agreement," said
Paul Baker, Lloyds TSB Bank PLC, managing director, Group Operations. "This
agreement with Wachovia will enable us to provide a stronger, more
comprehensive customer proposition, while increasing flexibility and reducing
costs."

"We’re extremely pleased to deepen our longstanding relationship with
Lloyds TSB," said Michael Heavener, head of Wachovia’s Global Financial
Institutions and Trade division. "We look forward to developing our strategic
trade partnership with Lloyds TSB, leveraging our strong focus on customer
service, innovative trade platform and ability to customize our services for
their specific requirements."

Wachovia will assume a full processing role beginning in early 2008.

About Wachovia Global Financial Institutions and Trade division
Wachovia’s Global Financial Institutions and Trade division has a 200-year
legacy in International correspondent banking. FImetrix Research has ranked
Wachovia the No. 1 correspondent bank provider in Asia and Latin America in
market share, No. 4 in Western Europe, and No. 1 worldwide in overall customer
satisfaction. Wachovia is a global leader in correspondent banking and trade
services and maintains more than 3,000 correspondent relationships in more than
130 countries through a network of 44 offices, including eight overseas
branches.

About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation’s largest diversified
financial services companies, with assets of $719.9 billion and market
capitalization of $97.5 billion at June 30, 2007. Wachovia provides a broad
range of retail banking and brokerage, asset and wealth management, and
corporate and investment banking products and services to 13 million household
and business customers. Wachovia has 3,400 retail financial centers in 21
states from Connecticut to Florida and west to Texas and California, and
nationwide retail brokerage, mortgage lending and auto finance businesses.
Globally, clients are served in selected corporate and institutional sectors
and through more than 40 international offices. Our retail brokerage operations
under the Wachovia Securities brand name manage more than $795 billion in
client assets through approximately 10,800 registered representatives in 774
offices in 48 states and through service affiliate offices in Latin America.
Online banking is available at wachovia.com; online brokerage products and
services at wachoviasec.com; and investment products and services at
evergreeninvestments.com

In May 2007, Wachovia announced an agreement to acquire A.G. Edwards, Inc.,
a financial services holding company whose primary subsidiary is the national
investment firm of A.G. Edward & Sons, Inc. A.G. Edwards and its affiliates
employ 6,623 financial consultants in 741 offices nationwide and two European
locations in London and Geneva. This proposed acquisition is expected to be
completed in the fourth quarter of 2007, pending the approval of A.G. Edwards
shareholders and applicable regulatory approvals.

SOURCE: Wachovia Corporation

CONTACT: Victoria Wolfram,
+1-704-715-3915

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Web site: http://www.wachovia.com

(WB)