Lloyds TSB Bank to Outsource Trade Back-Office Processing to Wachovia Bank

Lloyds TSB Bank to Outsource Trade Back-Office Processing to Wachovia Bank

September 29, 2007

    CHARLOTTE, N.C., Sept. 29 /Xinhua-PRNewswire/ --
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
http://wachoviasec.com; and investment products and
services at http://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.


    For more information, please contact:

     Victoria Wolfram
     Phone: [phone]