Wachovia masters its niche

Though not a strong brand in the region, this US bank is doing good business in correspondent banking and trade finance and has big plans for 2003.

It may be the fifth largest bank in the US, but Wachovia is not a familiar name to many Asian corporate executives. And if the North Carolina-based bank continues to dominate its niche effectively, then it is unlikely that it will come onto the radar screens of local financial officers.

Despite this, Wachovia's business in Asia is thriving and the bank expects both its market share and revenues to increase this year, a continuation of its steady growth trajectory. Its success in Asia has been achieved by sticking to correspondent banking and trade finance and it is in these areas that the bank will be making headway this year, particularly in China...

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