BNP Paribas Cash Management and Wachovia Bank’s Treasury Services Division are delighted to announce the signing of a co-operation agreement, which enables a comprehensive range of cash management services to be provided to their respective corporate clients. This co-operation agreement encompasses the following services – account opening and management, payment and collections processing, and electronic banking solutions. The agreement also includes the provision of a treasury centralisation system, Zero Balancing Account (ZBA) for corporate clients.
This new co-operation strengthens both banks’ international networks. It complements BNP Paribas’ comprehensive cash management services provided to its corporate clients by its subsidiary, Bank of the West, throughout the US West Coast.
For Wachovia, its cash management network is expanded to France and the other countries in BNP Paribas’ network, offering a full range of cash management services. In total, a network of over 4,500 financial centres (2,400 from Wachovia and 2,100 from BNP Paribas) will be at the disposal of both banks’ corporate clients.
About Wachovia Treasury Services
Wachovia’s Treasury Services Division (www.wachovia.com/corp_inst) is the USA’s second-largest cash management services provider, and is dedicated to providing companies with the strategic advice and resources needed to meet their business objectives. The bank offers a comprehensive suite of domestic and international cash management solutions and consulting services. In a recent survey of middle and large corporate customers by independent surveyor Phoenix Hecht, 15 out of 18 of Wachovia’s treasury service products ranked “A” or “A+”. Additionally, nine of the bank’s 10 key treasury product capabilities are ranked in the top three for market share in Ernst & Young’s survey. Wachovia’s Information and Access product, Wachovia Connection®, ranked first in that survey. Recently, Wachovia Connection® was also voted the “Best Corporate/Institutional Online Cash Management Service in North America” by Global Finance, and the most recent Bank Leader Survey placed Wachovia’s Treasury Services Number 2 for “Overall Satisfaction” and “Overall Quality of Customer Service”.
About BNP Paribas Cash Management
BNP Paribas is a European leader in banking and financial services, with leading positions in Asia and a growing presence in the United States. It is the number one bank in terms of net income and market capitalisation in the euro zone. The group has one of the largest international banking networks throughout 85 countries and has over 85,000 employees worldwide.
BNP Paribas Cash Management (http://cashmanagement.bnpparibas.com) brings together 200 specialists in Paris and 300 cash management experts throughout the bank’s French and international network including a cash management team based in New York. BNP Paribas provides a full range of international cash management services. In addition, the group has formed bilateral partnerships with other large banking groups in Europe and United States of America. This opens up a network of over 12,000 branches to BNP Paribas’ corporate clients.
In the 2002 annual cash management poll carried out by the international finance magazine Euromoney, BNP Paribas topped the poll in the service category. In a ranking of 31 global banks, BNP Paribas Cash Management came no.1 in terms of “level of commitment to your cash management business”. The bank also received high scores for security and services including: quality of electronic banking security – no.1; access to all applicable clearing systems – no.1; quality of personnel – no.3. Bank of the West provides comprehensive cash management products and services to its corporate clients with a network of 350 branches in six West Coast states and Hawaii.
BNP Paribas Press Contact :
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