CHARLOTTE, N.C., Dec. 22 -- PRNewswire/FirstCall/AsiaNet
Acquisition reinforces Wachovia Bank's commitment to payment processing
Wachovia Bank, N.A., announced today that it has acquired the correspondent banking payment processing business of Harris Bank International Corporation (HBIC), a part of the BMO Financial Group. The terms of the transaction were not disclosed.
Wachovia will work with HBIC to transition its existing correspondent bank customers to Wachovia in order to process their U.S. dollar payments and will also process U.S. dollar correspondent payments for BMO Financial Group. Wachovia and BMO Financial Group historically have enjoyed a strong working relationship, particularly in the areas of trade processing and Canadian cash management services. This transaction further strengthens these ties.
"We see this as a big win. Not only does it build on our already strong alliance with our friends at BMO Financial Group, but it also gives Wachovia the opportunity to demonstrate our leadership in the payments business," said Michael Heavener, Executive Vice President and head of Wachovia's International Division. "It brings to Wachovia both new correspondent relationships and additional activity with existing customers. We believe that the many similarities across the two banks' processing platforms ensure a straightforward, seamless transition."
Processing cross-border payments is an important business for Wachovia. The bank processes 57,000 payments daily, totaling $160 billion. The transaction furthers Wachovia's strategy of being a banker's bank, said George Doolittle, Managing Director and head of Wachovia's Global Payments Services group.
"This transaction is in line with the industry trend we are seeing of increased processing consolidation," Doolittle said. "We are excited to be able to offer HBIC's correspondent customers our suite of comprehensive, simple and practical payment solutions."
Global Payment Services
Wachovia's Global Payment Services group is responsible for coordinating sales, marketing, brand development and product development for Wachovia Bank's core international payment, check and collections and account services. The group delivers payment solutions to the bank's traditional customer segments, including financial institutions around the world, embassies, government agencies and multi-lateral organizations.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at Sept. 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are also available through Wachovia.com.
About BMO Financial Group
BMO Financial Group -- founded in 1817 as Bank of Montreal, Canada's first bank -- is one of the largest financial services providers in North America, offering a broad range of retail banking, wealth management and investment banking products and solutions. BMO serves clients across Canada and in the United States through its Canadian retail arm, BMO Bank of Montreal; BMO Nesbitt Burns, one of Canada's largest full-service investment firms; Chicago-based Harris Bank, a major U.S. mid-west financial services organization; The Harris wealth management group, and Harris Nesbitt, which provides investment banking services across the U.S.
SOURCE: Wachovia Corporation
CONTACT: Leah Dering of Wachovia Corporation,
+1-704-383-0551
Web site: http://www.Wachovia.com
--Distributed by AsiaNet (www.asianetnews.net)--
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