Lloyds TSB Bank to Outsource Trade Back-Office Processing to Wachovia Bank

CHARLOTTE, North Carolina, September 28 /PRNewswire/ --

Wachovia Bank, N.A. and Lloyds TSB Bank, PLC today announced the
expansion of their longstanding relationship, incorporating an agreement for
Lloyds TSB to outsource its trade back-office processing to Wachovia Bank in
Hong Kong.

"Our customers will be the ultimate beneficiaries of this agreement,"
said Paul Baker, Lloyds TSB Bank PLC, managing director, Group Operations.
"This agreement with Wachovia will enable us to provide a stronger, more
comprehensive customer proposition, while increasing flexibility and reducing
costs."

"We're extremely pleased to deepen our longstanding relationship with
Lloyds TSB," said Michael Heavener, head of Wachovia's Global Financial
Institutions and Trade division. "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."

Wachovia will assume a full processing role beginning in early 2008.

About Wachovia Global Financial Institutions and Trade division

Wachovia's Global Financial Institutions and Trade division has a
200-year legacy in International correspondent banking. FImetrix Research has
ranked Wachovia the No. 1 correspondent bank provider in Asia and Latin
America in market share, No. 4 in Western Europe, and No. 1 worldwide in
overall customer satisfaction. Wachovia is a global leader in correspondent
banking and trade services and maintains more than 3,000 correspondent
relationships in more than 130 countries through a network of 44 offices,
including eight overseas branches.

About Wachovia

Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of US$719.9 billion and
market capitalization of US$97.5 billion at June 30, 2007. Wachovia provides
a broad range of retail banking and brokerage, asset and wealth management,
and corporate and investment banking products and services to 13 million
household and business customers. Wachovia has 3,400 retail financial centers
in 21 states from Connecticut to Florida and west to Texas and California,
and nationwide retail brokerage, mortgage lending and auto finance
businesses. Globally, clients are served in selected corporate and
institutional sectors and through more than 40 international offices. Our
retail brokerage operations under the Wachovia Securities brand name manage
more than US$795 billion in client assets through approximately 10,800
registered representatives in 774 offices in 48 states and through service
affiliate offices in Latin America. Online banking is available at
wachovia.com; online brokerage products and services at wachoviasec.com; and
investment products and services at evergreeninvestments.com.

In May 2007, Wachovia announced an agreement to acquire A.G. Edwards,
Inc., a financial services holding company whose primary subsidiary is the
national investment firm of A.G. Edward & Sons, Inc. A.G. Edwards and its
affiliates employ 6,623 financial consultants in 741 offices nationwide and
two European locations in London and Geneva. This proposed acquisition is
expected to be completed in the fourth quarter of 2007, pending the approval
of A.G. Edwards shareholders and applicable regulatory approvals.

Web site: http://www.wachovia.com