The fourth largest banking chain in United States is by the name of Wachovia Corporation that offers a broad and diversified range of asset management, wealth management, corporate and investment banking. Wachovia is one of the biggest global banking service providers around the world.
The bank was founded by merger of legacy Wachovia Corporation and first Union corporation. The deal was actually the purchase of Wachovia Bank by first Union. While the first Union surrendered its name and Wachovia was the identity name to be chosen. It was an important decision since Wachovia’s reputation was good in consumer banking. This deal was considered to be very important in investment industry and there was also a conspiracy involved by a Rival Sun trust to take over Wachovia. But apparently Wachovia approved its merger with First Union and ended the antagonistic plot. The company merger was considered to be an enormous achievement. Wachovia has been considered the best bank in customer satisfaction ever since the merger happened. The multiple skyscrapers, the tall first Union bank buildings came under the name of Wachovia. Popular buildings and landmarks under Wachovia Bank include Wachovia Centre, Wachovia spectrum and Wachovia Arena.
Today it is the fourth largest bank holding company in the US. It also operates Wachovia securities, its brokerage services and subsidiary. The bank has nationwide vast branch network and hence holds the position of the second largest bank in America today in terms of the number of branches. It serves in every part of United States with all of its products and broad range of banking facilities. It offers all the basic banking products along with investment advisory Services and small business investment loan. The small business loans at Wachovia Bank go for business women, business discounts, small business tools and tips. You can find maximum lending, insurance and HR solutions with this product.
Few attractive lending plans like retirement loans and educational loans are value added products being offered by the bank. The wide banking portfolio supplies ideas to their clients for the best management of their money. They help them by providing ways to invest, grow and transfer their wealth. This portfolio of Wachovia works under the product named Wealth Management. Since it is the widest economic institution across the United States, it covers institutions from community banks to worldwide money centre banks. It is the member of National, international and local clearing houses with extensive international network to process transactions. It is a major player in trust services and hence became a national source in investment banking.
Through capacity and strategic attainment Wachovia Bank provides complete administrative and fiduciary help for a wide range of financing and investment structures. The international capabilities involve wide range of representative offices throughout Europe, Asia and Latin America. The risk management solution for financial institutions is a part of its domestic correspondent services. The complete product array has currency risk management, structured credit products and equity linked products. As the second largest cash management bank in the country, Wachovia offers a complete array of treasury management solution. The bank is also a step ahead in capital marketing as Wachovia securities has become a national force in investment banking. The convertible securities provide client comprehensive support for convertible security transactions. The bank’s specialized team is dedicated to serve corporate clients with structured finance capabilities.
The bank has built a world class equity capital market and is well equipped to deliver equity finance solutions. The banking products are not the end of Wachovia bank’s giant achievements; it offers the client one window operation and 24 hours banking services. The online network too has vast range of provisions like online trading, making payments, trade services, information reporting services and image online services. So, with diversified financial services, Wachovia has proved to be the best financial institution across the globe.
