Wachovia Announces Partnership With GE's Corporate Payment Services Unit to Provide Commercial and Purchasing Cards

CHARLOTTE, N.C., Sept. 8 /PRNewswire-FirstCall/ -- Wachovia Corp. today announced a strategic partnership with GE Money - Corporate Payment Services (CPS) to provide commercial and purchasing cards to its wholesale and treasury services customers. The agreement further supports Wachovia's announcement last year to re-enter the credit card business as a direct issuer.

Under the terms of the partnership, Wachovia will sell, underwrite, manage and own the asset portfolio, which will feature MasterCard as its preferred brand. CPS will provide all back-office functions and a rich information- reporting and analytical toolkit that is essential to enhancing companies cash management and procurement capabilities.

"We are extremely pleased to have a partner that is as focused on service excellence and customer-centric product design as we are," said Steve Boehm, president of Wachovia Card Services. "We have created a truly unique, interdependent relationship. We chose GE to capitalize on their expertise in the commercial and purchasing card market. We also are pleased to provide them with unmatched distribution capabilities in the wholesale banking and middle market segment. We look forward to building a successful business with them over the next several years."

"This relationship should prove to be a great combination of strengths that will drive growth," said Jeffery R. Dye, president of CPS. "Leveraging Wachovia's market presence and customer relationships with GE's extensive capabilities in commercial card servicing and technology should create compelling value for the customer."

The Wachovia wholesale card business will be managed by Laura Rother, a member of the team led by Bob Ryan, head of Product Innovation and Management. The company expects to begin selling its new product line to customers in the fourth quarter.

Wachovia announced in November 2005 that it had terminated its existing joint marketing agreement with MBNA and re-entered the credit card business. Wachovia, one of the leading retail banking and brokerage businesses, introduced its new retail credit card products in July. These products feature an expandable rewards program, which allows customers to combine debit and credit card points, and provide a customer-friendly fee structure, including waiving certain nuisance and over-limit fees.

About Wachovia

Wachovia Corporation is one of the nation's largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 16 states with 3,109 offices from Connecticut to Florida and west to Texas and California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at http://wachovia.com/; online brokerage products and services at http://wachoviasec.com/, and investment products and services at http://evergreeninvestments.com/. Wachovia had assets of $553.6 billion, market capitalization of $86.0 billion and stockholders' equity of $48.9 billion at June 30, 2006.

The proposed merger with Golden West Financial Corporation , parent of World Savings Bank, is expected to close in the fourth quarter of 2006, pending regulatory approval. With this proposed merger, Wachovia would strengthen its position in California, Texas, Florida, New Jersey and New York, and enter attractive metropolitan areas in five additional states: Arizona, Colorado, Illinois, Kansas and Nevada. The combined company would serve banking customers through 3,400 offices in 21 states and Washington, D.C. In addition, Wachovia would gain mortgage lending operations under the World Savings Bank name in 39 states.

About CPS

Corporate Payment Services, the commercial card unit of GE Money - Americas, develops and markets corporate bank cards and e-settlement tools designed for small-, medium- and large-sized companies and organizations. For more information, visit http://www.gebusinessmarketplace.com/.

GE is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com/.

About MasterCard Worldwide

MasterCard Worldwide advances global commerce by providing a critical economic link between financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes more than 14 billion payments each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard(R), Maestro(R) and Cirrus(R), MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories. For more information go to http://www.mastercardworldwide.com/.