Lloyds TSB Bank to outsource trade back-office processing to Wachovia

"Our customers will be the ultimate beneficiaries of this agreement," said Paul Baker, Lloyds TSB Bank PLC, managing director, Group Operations. "This agreement with Wachovia will enable us to provide a stronger, more comprehensive customer proposition, while increasing flexibility and reducing costs."

"We're extremely pleased to deepen our longstanding relationship with Lloyds TSB," said Michael Heavener, head of Wachovia's Global Financial Institutions and Trade division. "We look forward to developing our strategic trade partnership with Lloyds TSB, leveraging our strong focus on customer service, innovative trade platform and ability to customize our services for their specific requirements."