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About Wachovia

Wachovia is now Wells Fargo. Wachovia is a diversified financial services company. It is based in Charlotte, North Carolina.

Headquarters Location

Charlotte, North Carolina,

United States

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Latest Wachovia News

News Digest

Feb 12, 2024

News Digest The popularity of mobile phones in India and the development of mobile commerce in the country is so profound that India could bypass traditional internet-based e-commerce altogether and focus just on m-commerce over the coming years, according to the Reserve Bank of India. The central bank said the number of mobile devices in the country surpassed 500 million in September and, despite a need for caution and strong regulation in making sure m-commerce is not mis-used and is safe, opportunities abound in a booming Indian economy. Share this article The popularity of mobile phones in India – and the development of mobile commerce in the country – is so profound that India could bypass ‘traditional’ internet-based e-commerce altogether and focus just on m-commerce over the coming years, according to the Reserve Bank of India. Go deeper with GlobalData devices in the country surpassed 500 million in September and, despite a need for caution and strong regulation in making sure m-commerce is not mis-used and is safe, opportunities abound in a booming Indian economy. on 4 December, KC Chakrabarty, the central bank deputy governor said: “While e-commerce has skipped the majority of the population due to the cost of setting-up such channels, m-commerce has the capability to be inclusive due to the widespread use of mobile phones.” pivotal interest in India in mobile banking and mobile payments, with all the major banking groups investing in the channel. The country’s largest bank, State Bank of India, for instance, launched a service called mShop at the end of November, which enables its credit card holders to shop from over 100 merchants across the country using their mobile phones. RESULTS How well do you really know your competitors? Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge. Not ready to buy yet? Download a free sample We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form By GlobalData Submit Tick here to opt out of curated industry news, reports, and event updates from Retail Banker International. I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the privacy policy Submit and download to establish a uniform reporting period across the sector makes year-ago comparisons difficult to discern, with banks posting earnings for differing periods as they work towards a common fiscal year-end. But by any measure the results contained little festive cheer. billion) group pre-tax loss for the 15 months to the end of September, hammered by provisions for risk assets, loan losses and goodwill impairments of around NGN370 billion, while exceptional items were NGN80.7 billion. banks rescued by the government in a $4.1 billion sector-wide bailout in the third quarter, the position was if anything, worse. Exceptional items of NGN437 billion resulted in a pre-tax loss of NGN447 billion for the seven months up to the end of September. Union Bank, another of the bailed out lenders, reported impairments of more than NGN250 billion, resulting in a pre-tax loss of NGN223 billion, for the six months to September. NGN94.3 billion pre-tax at the former for the 11 months to September and NGN401 billion at the latter for the nine months to September. York-based customer service proposition which debuted in the third quarter, ‘Our Promise to New York’, Citi is to roll out the scheme across the US. of weekday and Saturday opening hours at the bank’s Manhattan branches by up to 40 percent. “With stiff competition in Manhattan – some city blocks are home to as many as six different banks – we saw an opportunity to remind New Yorkers of what sets us apart, our long-standing presence and our commitment to helping the communities we serve here,” said Bill Brown, Citi’s divisional manager for New York in a statement. In addition, the bank launched an online discussion board for customers to post comments and questions at www.citibank.com/promises which also flagged up various local community and charitable organisations being supported by the bank. this out nationally is a key focus and priority for us in 2010,” the bank’s vice-president for corporate affairs, Natalie Riper, told RBI. UK regulator the Financial Services Agency (FSA), is to impose what it terms more “robust” stress tests on the country’s banks, including for the first time, reverse stress-testing, to ascertain what kind of financial crisis would force them into financial difficulties. “These changes send a clear signal to firms’ senior management that they need to engage in building a robust stress-testing infrastructure as an important part of effective risk management and use that to assess capital needs,” said Paul Sharma, FSA director of prudential policy, in a statement. The FSA has also kicked off a consultation process, to run until the end of March next year, on how best to beef up the rules for banks to build up capital ahead of future economic downturns. In an effort to get as many of its estimated 150 million customers as possible using its direct banking channel, State Bank of India (SBI) launched an online rewards programme at the end of November, similar to schemes in Europe and the US. branch network and 9,000 ATMs, SBI believes there is scope to keep existing customers happy and incentivise them to stay, as well as attracting new ones by maximising use of the online channel by offering an innovative rewards programme. The new scheme requires no registration and all internet banking customers old and new who conduct transactions online are automatically eligible. be redeemed online for cash, based on the number of online transactions, including: merchant payments; transactions such as central/state taxes; • Railways ticket booking through the online passenger reservation system IRCTC; and RTGS/NEFT (retail internet banking transactions only)/Visa Money Transfer. The reward programme covers only online retail transactions via the bank’s INB portal (www.onlinesbi.com). The redemption amount is immediately credited to the customer’s transaction account on opting for redemption, subject to the availability of a minimum of 400 loyalty reward points in the account. points in a year for an account. A report of VRL’s recent loyalty round table is on pages 9-20 of this issue. STRATEGY In an upbeat trading update, BNP Paribas has revealed that the integration of Fortis, the Belgian-based unit of the eurozone’s biggest bank by deposits, will lead to annual savings of €900 million ($1.3 billion) and boost earnings as early as 2010 before restructuring costs, with the return on invested equity set to exceed 20 percent by 2012. “The integration project is going well. BNP Paribas Fortis businesses have stabilised asset flows and even gained inflows in retail banking,” BNP said in a statement. It added that the BNP Paribas Fortis units have contributed €538 million to group profits for the period between 12 May and 30 September and “significantly improved their risk profile by reducing risk weighted assets in corporate and investment banking over the same period”. DISTRIBUTION Danske’s Irish subsidiary National Irish Bank (NIB) is to shutter 25 branches, almost half of its 58-strong-branch network, as part of a restructuring of its international operations designed to slash operating costs. The Irish branch closures will begin early in the New Year with a target date of mid-2011 to complete the exercise. Andrew Healy said: “The Irish banking sector is on life support.” Northern Bank said it was unaffected by the changes with no branch closures planned. Life & Permanent, Ireland’s third-largest financial services group, is also cutting its network – by 11 units to a total of 92 – as part of a cost-cutting exercise. Earlier this year, the bank closed its network of 48 tied agents. STRATEGY plans public consultation on plans for the country’s Post Office to be transformed into “a leading player in financial services”, offering an expanded retail banking product range from all of its 11,500-branch network. current accounts accessible from any post office branch, a range of children’s savings accounts, business accounts, partnerships with credit unions and weekly budgeting accounts that ring-fence a proportion of income each week to pay bills. Government estimates suggest that investment of £1.7 billion ($2.8 billion) by 2011 would be required for its plans to proceed. RBI its plans to introduce a current account next year were on track. In the meantime, work has already started on an investment programme to refurbish its larger branch offices (see RBI 621). Fresh from completing the rebranding of its former Wachovia branches in Colorado, Wells Fargo president and CEO John Stumpf has outlined plans to rebadge Wachovia branches in the remaining five states in which both banks have outlets. Talking to analysts on 8 December, Stumpf said Wachovia branches in Arizona, Nevada and Illinois are scheduled to convert in the first quarter with California and Texas-based branches set to rebrand in the second quarter of 2010. Stumpf stressed that the Wachovia integration was on schedule and set to generate savings in excess of the original budget, with some of the riskier retail mortgages acquired as part of the deal set to generate lower losses than originally forecast. expect credit losses to peak in 2010 with consumer losses potentially peaking in the first half of the year and gradually declining, and commercial real-estate losses to peak later in 2010.” Stumpf revealed plans to sell $10.4 billion of new stock to help repay $25 billion of Troubled Asset Relief Program (TARP) funds, received from the US government at the height of the economic crisis last year. assets, AmBank, has launched AmGenie, a mobile banking service it says will operate on up to 90 percent of the country’s mobile phones in an effort to maximise service take-up. Incorporating services including balance order, stop cheque request, rates inquiry and branch/ATM locator, AmGenie has been developed by the bank in partnership with local telecoms provider FSBM Net Media. The service is on offer to all of the bank’s internet customers and has been flagged up by an advertising campaign as well as a promotional campaign entitled ‘Sign-up and Use’ – offering prizes including laptops, mobile phones and iPods. Emerging markets-focused Standard 2009 will hit record levels following a trading update. And while the bank’s strong levels of income and operating profit so far this year have been based on a record performance from its wholesale unit, StanChart said that income levels at its retail unit were recovering. In particular, the bank was at pains to stress that it does not believe Dubai-driven impairments will be material, following reports that it has around $1 billion of loans linked to crisis-hit emirate holding company Dubai World. “The fundamentals of the group remain very strong; we are highly liquid, strongly capitalised with a conservative forward funding profile and we have a firm grip on risks and costs,” said StanChart chief executive Peter Sands said in a statement. Latin America’s largest bank by assets Banco do Brasil is interested in acquiring a retail bank in the US, according to an interview given by CEO Aldemir Bendine to Brasil Economico. likely to concentrate on Massachusetts, Florida and New Jersey for any US expansion – states with large Brazilian and Latino communities. is forecasting healthy growth in 2010. Bendine told analysts the bank’s credit portfolio would grow by around 20 percent next year, led by consumer credit. was up 41.2 percent year-on-year to BRL285.5 billion ($161.8 billion) while retail lending rose by 97.3 percent to BRL85.7 billion. compared to a year ago to BRL1.98 billion. While non-performing loans reached 3.6 percent up from 2.2 percent in the corresponding period in 2008, Bendine said the bank’s “non-performing loan rate has reached its peak. The trend is now downward.” MERGERS AND ACQUISITIONS Cleveland-based AmTrust, the far this year, has been acquired by 212-branch-strong New York Community Bank (NYCB) in a deal assisted by the Federal Deposit Insurance Corporation (FDIC). assets of approximately $12 billion, deposits of approximately $8 billion and 66 branches (29 in Ohio, 25 in Florida, and 12 in Arizona). AmTrust will cost its deposit insurance fund around $2 billion, has entered into a loss-share transaction with NYCB on approximately $6 billion of AmTrust Bank’s assets. While NYCB has been expanding rapidly with nine acquisitions in as many years, the AmTrust deal represents its first deal outside its home state. Sign up for our daily news round-up! Give your business an edge with our leading industry insights.

Wachovia Frequently Asked Questions (FAQ)

  • Where is Wachovia's headquarters?

    Wachovia's headquarters is located at Charlotte.

  • What is Wachovia's latest funding round?

    Wachovia's latest funding round is Acquired.

  • Who are the investors of Wachovia?

    Investors of Wachovia include Wells Fargo.

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