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July 30, 2003
Wachovia Creates International Future Flow Securitization Team
Jerome Festa, Nicole Mallette Freeman and Kristy Cannaday join Wachovia
Charlotte, N.C. - Wachovia announced today the creation of a new three-member International Future Flow Group responsible for the global origination and execution of future flow securitizations across the International Division's financial institution client base.
Team members Jerome Festa, Nicole Mallette Freeman and Kristy Cannaday will be based in Charlotte and report jointly to Ron Haverkorn, managing director and Head of International Credit Products Group and Leah Torstrick, managing director in Wachovia's Structured Products Group. Future flow securitization is a structured debt financing involving the securitization of future cash flows, in this case arising from trade, documentary and clean remittances processed by Wachovia's International Division on behalf of its correspondent banking partners.
"We are excited to announce the creation of this new group designed to provide a new structured financing product for our global financial institution customers," Haverkorn said. "Jerome, Nicole and Kristy all bring considerable experience and expertise to this endeavor, which will enable this group to be successful."
Future flow securitization is a structured debt financing involving the securitization of future cash flows. This group will securitize receivables including those from trade and documentary and clean remittances processed by Wachovia's International Division on behalf of its correspondent banking partners.
Festa joined Wachovia from Banc of America Securities, where he was managing director and Head of Latin American securitization. He began his career with Citibank and started Citibank's European securitization business in London. Festa earned his BA and MA in Economics from the University of Maryland.
Mallette Freeman joined Wachovia from Banc of America Securities, where she was Vice President in the Latin American Securitization Group. She began her career as a financial analyst with Robinson Humphrey. Mallette Freeman holds an undergraduate degree in business from the University of Georgia and an MA in International Business from the University of South Carolina.
Cannaday joined Wachovia from Banc of America Securities, where she was most recently a senior analyst in the Latin American Debt Capital Markets Group. Cannaday earned an undergraduate degree in International Economics from Emory University.
International Division
Wachovia's International Division has a 200- year legacy in International correspondent banking, is the world leader in SWIFT message type 700 trade volume and third-party trade processing, and maintains more than 3,000 correspondent relationships in more than 130 countries. The International banking group is also a leader in letter of credit volume, and was the first bank in the world to allow its customers to initiate letters of credit by accessing a Wachovia web site.
Structured Product Division
Wachovia Securities' Structured Products group, part of the Fixed Income Division, provides a full spectrum of Asset-Backed Securities, Commercial Mortgage-Backed Securities, Collateralized Debt Obligation origination, sales, trading and research services, as well as structured finance capabilities, to the capital markets. The securitization and securities based structured finance capabilities of Wachovia's Structured Products Group, including the International Future Flow Group, are provided primarily by Wachovia Capital Markets, LLC.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $364 billion and stockholders' equity of $32 billion at June 30, 2003. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and offers retail brokerage services in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.
Wachovia Securities is the trade name for (i) the corporate and investment banking services of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC ("WCM"), member NYSE, NASD, SIPC.; and (ii) two separate, registered broker-dealers and non-bank affiliates of Wachovia Corporation providing certain retail securities brokerage services: Wachovia Securities, LLC, member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, member NASD/SIPC.
Stocks, bonds, mutual funds or other securities offered or sold through Wachovia Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by Wachovia Corporation, WBNA, or any bank; and involve investment risk, including possible loss of principal.
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