Wachovia Corporation, a diversified financial services company with assets of $764.4 billion and market capitalization of $7.6 billion at 30 September 2008, lowers its prime interest rate to 3.25% from 4% at Wachovia Bank, National Association, and all of its other banking subsidiaries.
The prime rate is a benchmark used to set interest rates on various forms of corporate and consumer credit. It is one of several interest rate bases used by Wachovia, which lends at interest rates above and below the prime rate. The prime rate last changed on 29 October 2008.
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