Wachovia Bank and Visa Inc. announced that they have signed a partnership agreement, renewing their long-standing relationship. Under terms of the deal, Wachovia will continue to offer Visa-branded credit and debit products to its customers as a major component of its consumer and small business payments business.
As part of the agreement, Wachovia will issue the Visa check card for consumer and small business customers and will issue the majority of the bank’s consumer credit and small business credit products with the Visa brand. In addition, Visa will continue to offer debit processing to Wachovia through Visa Debit Processing Service.
“Wachovia has built its success on providing customers across the U.S. with products and services that are tailored to their individual needs,” said Steve Boehm, president of Wachovia Card Services. “Visa’s product and processing capabilities deliver a compelling mix of value, convenience and security that meets our business goals, and are compatible with our customer service objectives.”
“Visa is pleased to renew our partnership with Wachovia to provide their consumer and business customers with the full range of Visa credit and debit products,” said Joe Saunders, CEO and Chairman, Visa Inc. “We are looking forward to continuing our close collaboration with Wachovia to offer Visa payment solutions and processing services to further the migration to electronic payments from cash and checks.”
About Wachovia Corporation
Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, with assets of $782.9 billion and market capitalization of $75.3 billion at December 31, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 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 $1.2 trillion in client assets through 17,900 registered representatives in 1,500 offices nationwide. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.
About Visa Inc.
Visa operates the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys acceptance around the world and Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.visa.com.