Mark Davies Joins Wachovia's London-Based Treasury Services Products Group

LONDON, Oct. 23 /PRNewswire-FirstCall/ -- Wachovia Bank has announced the appointment of Mark Davies as senior vice president in the Treasury Services Products Solutions Group in London.

Davies will further develop Wachovia's European cash management product set as the bank expands its services offered to U.S. companies with European operations. He will report to James Clark, senior vice president and head of Corporate International Treasury Product Management.

"Wachovia continues to expand the scope of services offered from its London operations, and Mark's experience and knowledge are assets to our business during this time of growth," Clark said. "His appointment will directly translate into improved customer service for clients with UK or European payment needs."

Davies joins Wachovia from the Royal Bank of Scotland, where he spent two years as head of International Product Management within Corporate Banking Services. Previously, he spent six years at ABN Amro in Amsterdam and London as head of the EMEA Cashflow Advisory Business Management team. His career began at Midland Bank.

About Wachovia's Corporate and Investment Banking Group

Wachovia's Corporate and Investment Banking group offers a full suite of products and services to public and private companies, institutional investors, financial institutions and the financial sponsor community. Investment banking and the global markets businesses (fixed income and equities) operate under the Wachovia Securities brand and have become a global force in the capital markets arena by providing comprehensive advisory, capital raising, structuring and execution services. Wachovia's Corporate and Investment Bank also includes the 3rd largest Treasury Services business in the U.S., as well as leading asset-based lending and global correspondent banking services. The firm is built on a cohesive culture that encourages creative ideas, capital solutions, and experienced advice to all clients.

Wachovia Securities is the trade name for the corporate, investment banking and capital markets of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited, which is authorized and regulated by The Financial Services Authority in the United Kingdom. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM's affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.

About Wachovia

Wachovia Corporation is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Including the Golden West merger, which closed on October 1, 2006, Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 737 offices in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at http://wachovia.com/; online brokerage products and services at http://wachoviasec.com/, and investment products and services at http://evergreeninvestments.com/. At September 30, 2006, Wachovia had assets of $559.9 billion and market capitalization of $88.2 billion. On the same date, based on pro forma data, Wachovia's combined assets were approximately $700 billion and combined market capitalization was $107 billion.