Wachovia has opened a branch in Shanghai, China. The Wachovia branch will facilitate customers’ global trade by allowing companies and correspondent banks outside of China to direct trade transactions involving Chinese trading partners through the new branch. The Shanghai launch marks the opening of the fifth Wachovia branch in Asia.
“China has become a critical link in a growing number of our customers’ supply chains. It is increasingly important that we provide our clients and their trading partners with efficient services to facilitate the cross-border movement of goods and services. Our new operating presence in Shanghai will help us to accomplish those goals,” said Michael Heavener, head of Wachovia’s International Division.
Wachovia has branches in Hong Kong, Taipei, and now Shanghai. Additionally, offices in Beijing and Shanghai perform liaison functions between Wachovia’s offices in the United States and customers.
“We are excited to open our Shanghai branch and serve our corporate and institutional customers’ needs in this important market. We hope our customers will view this branch as helpful to their success in the global marketplace,” said Steve Nichols, managing director and head of Global Trade Services.