Bangladesh a growing, vibrant mkt for int'l trade: Michael Heavener
FE Report | Thursday, 12 June 2008
Wachovia Corporation has recently opened a new representative banking office in Dhaka for providing services to its bank customers in the region.
Wachovia is a leading U.S. financial services company (the fourth largest bank in the U.S. based on total assets) and has provided correspondent bank services to commercial banks in Bangladesh since 1999.
Michael Heavener, executive vice president and head of Wachovia's Global Financial Institutions and Trade (GFIT) Services told the FE in an interview, "Bangladesh is a growing and vibrant market for international trade. We've seen a continued expansion of trade and businesses in Dhaka, and have opened a local office in response to this growth."
Wachovia's International Division has a 200-year legacy in International correspondent banking. Globally, Wachovia's bank clients are served in selected corporate and institutional sectors through more than 40 offices located around the world.
Heavener said Wachovia is impressed with the growth of the local economy and is working to increase the reach of its GFIT services in the region. "The opening of our office in Dhaka marks Wachovia's increased commitment to Bangladesh," he said. "Supporting our correspondent banking clients is consistent with Wachovia's global strategy to provide payment, collections, and trade finance solutions to financial institutions."
Wachovia is a global leader in correspondent banking and trade services and maintains more than 7,000 correspondent relationships in more than 130 countries. According to Heavener, Wachovia has over 3,400 domestic retail branches, and is also the second largest full-service retail brokerage house in the United States.
Additionally, FImetrix Research has ranked Wachovia the number one bank in the world for three years in a row for overall institutional satisfaction. FImetrix has also ranked Wachovia as the number one bank in Asia and Latin America for market share, and number two in Western Europe.
Michael Heavener began his career in 1968 with Philadelphia National Bank, which later became CoreStates bank and was acquired by First Union prior to its merger with Wachovia. Beginning in 1972, he established representative offices in Bangkok and Manila, serving as the bank's first representative for Southeast Asia.
Wachovia is a leading U.S. financial services company (the fourth largest bank in the U.S. based on total assets) and has provided correspondent bank services to commercial banks in Bangladesh since 1999.
Michael Heavener, executive vice president and head of Wachovia's Global Financial Institutions and Trade (GFIT) Services told the FE in an interview, "Bangladesh is a growing and vibrant market for international trade. We've seen a continued expansion of trade and businesses in Dhaka, and have opened a local office in response to this growth."
Wachovia's International Division has a 200-year legacy in International correspondent banking. Globally, Wachovia's bank clients are served in selected corporate and institutional sectors through more than 40 offices located around the world.
Heavener said Wachovia is impressed with the growth of the local economy and is working to increase the reach of its GFIT services in the region. "The opening of our office in Dhaka marks Wachovia's increased commitment to Bangladesh," he said. "Supporting our correspondent banking clients is consistent with Wachovia's global strategy to provide payment, collections, and trade finance solutions to financial institutions."
Wachovia is a global leader in correspondent banking and trade services and maintains more than 7,000 correspondent relationships in more than 130 countries. According to Heavener, Wachovia has over 3,400 domestic retail branches, and is also the second largest full-service retail brokerage house in the United States.
Additionally, FImetrix Research has ranked Wachovia the number one bank in the world for three years in a row for overall institutional satisfaction. FImetrix has also ranked Wachovia as the number one bank in Asia and Latin America for market share, and number two in Western Europe.
Michael Heavener began his career in 1968 with Philadelphia National Bank, which later became CoreStates bank and was acquired by First Union prior to its merger with Wachovia. Beginning in 1972, he established representative offices in Bangkok and Manila, serving as the bank's first representative for Southeast Asia.