Wachovia Corporate and Institutional Trust announced has launched its Institutional Clearing Services group. The primary focus of this newly established business unit is to provide non-fully disclosed securities clearing and financing to the institutional marketplace.
“Wachovia has made a significant investment in the institutional clearing services business,” said John Principe, executive managing director of Wachovia’s Institutional Trust group. “Because there are few banks in the omnibus trade clearance, settlement and credit facilities business, we have already received positive initial industry reaction and believe that we’ll be a welcome entry to this market. We are excited to take this business to the next level.”
Wachovia Corporate and Institutional Trust is based in Charlotte, NC, and has locations in 35 cities in 18 states.