The New Nation - Internet Edition

ECONOMIC REPORTER

Wachovia Corporation, one of largest banking chains in the United States, yesterday opened its Bangladesh Representative Office in Dhaka, demonstrating Wachovia's increasing commitment to Bangladesh.

The Bangladesh Representative Office is situated at People's Insurance Bhaban at 36, Dilkusha Commercial Area in the city.

Michael P. Heavener, Executive Vice President, Global Financial Institutions and Trade Services Group of Wachovia Bank, N.A, who is now visiting Dhaka, formally inaugurated the Bangladesh Representative Office.

Mr Heavener previously served as executive vice president and head of First Union's International Group prior to its merger with Wachovia; and as head of CoreStates' International Group before its acquisition by First Union.

Wachovia Corporation (NYSE:WB) is one of the largest diversified financial services companies of the United States, with assets of $808.9 billion and market capitalization of $53.8 billion on March 31, 2008. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,300 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 $1.1 trillion in client assets through 18,600 registered representatives in 1,500 offices nationwide.

On this occasion, Chuck Silverman, Managing Director and Area Head for the Asia South region, said, "We have been doing business in Bangladesh since 1999, and we are extremely excited about expanding our presence in this important country."

"Bangladesh is a growing and vibrant market for international trade, and supporting our correspondent banking clients is consistent with Wachovia's global strategy of providing payment, collections, trade and capital markets solutions to financial institutions," he said.

Wachovia's Bangladesh Representative Office will be led by Yusuf S. Saadat, who joins as Wachovia's chief representative, and Shahnaz Sultana, deputy chief representative.

"With our expanded physical presence, we are well-positioned to continue providing excellent coverage to our correspondent partners in Bangladesh," said Saadat.

In celebration of the opening of Bangladesh Representative Office of Wachovia Corporation, a reception was arranged at Radisson Water Garden Hotel yesterday evening.

Senior government officials, high officials of the Bangladesh Bank, the central bank of the country, and others banks attended the reception.