Wachovia’s Treasury Services group has announced the formation of a new business unit within its sales organization that will provide cash management solutions to the clients of Wachovia’s global correspondent banking client base. Called Alliance Services International, the unit will be managed by Louis Serpe, a senior vice president within Treasury Services.
The goal of Alliance Services International is to provide Wachovia’s international correspondent banking clients the ability to offer USD cash management solutions to small, medium and large corporate customers by leveraging the cash management solutions of Wachovia’s Treasury Services group. Wachovia is the number three cash management provider in the US. By using Alliance Services, partner banks will have the ability to earn a new and previously unavailable stream of fee income from their customers without an additional technology investment.
“Alliance Services International is an extremely flexible option that allows our best correspondent bank customers the ability to add Wachovia’s 70-plus cash management services to their existing non-credit product suite and to reap financial benefit from these services,” said Serpe.
Wachovia will be adding significant resources to the new unit.
“We find that correspondent banks are thrilled with our capability because it levels the playing field, and keeps our clients’ customers ‘shopping at home’ instead of using global competitors who already have made strides into building local corporate market share,” said Maya Vovchuk, vice president and senior sales officer of Alliance Services International and who reports to Serpe.