US-based Wachovia Bank and UK-based Lloyds TSB Bank have extended their relationship, incorporating an agreement for Lloyds TSB to outsource its trade back-office processing to Wachovia in Hong Kong. Wachovia will assume a full processing role beginning in early 2008.
Paul Baker, managing director of group operations at Lloyds TSB, said: Our customers will be the ultimate beneficiaries of this agreement. This agreement with Wachovia will enable us to provide a stronger, more comprehensive customer proposition, while increasing flexibility and reducing costs.
Michael Heavener, head of Wachovia’s global financial institutions and trade division, commented: We’re extremely pleased to deepen our longstanding relationship with Lloyds TSB. We look forward to developing our strategic trade partnership with Lloyds TSB, leveraging our strong focus on customer service, innovative trade platform and ability to customize our services for their specific requirements.