Exclusive: Wachovia Global Securities Lending rebrands as ClearLend Securities
06 October 2010 New York
Image: Shutterstock
Wachovia Global Securities Lending has rebranded as ClearLend Securities. The newly-named business is a combination of the operations of Wells Fargo Securities Lending and Wachovia Global Securities Lending.
Wachovia Securities, the retail brokerage operation of the bank, is now known as Wells Fargo Advisors.
A spokesperson for the bank said: "The new brand conveys our commitment to serving the needs and meeting the objectives of our clients. The decision by current management to rebrand the division was made in order to better position ourselves in the marketplace. Liquidity, transparency, performance and trust will be the hallmarks of our programme. Supported by the financial strength and resources of Wells Fargo, ClearLend will continue to provide customised solutions and superior service to our clients.
"With the rebranding, there will be no changes to clients' service or reporting (all report deliverables and services will remain the same) and there are no changes to the management team and staff. Our long-standing management team remains in place and clients' day to day relationship managers and staff contacts will be the same."
Following a turbulent time for banks grappling with the credit crisis and the Lehman Brothers default, October 2008 saw the announcement of the Wachovia-Wells agreement.
An abrupt change of course saw Wachovia Corp. agree to be acquired by Wells Fargo & Co. in a USD15.1 billion all-stock deal, wiping out Wachovia's previous plan to sell its banking operations to rival suitor Citigroup.
One key difference is that the Wachovia deal was done without government assistance, while the Citigroup deal would have gone through with the help of the Federal Deposit Insurance Corp.
But the main reason behind the about turn was down to the future direction of the organisation following the purchase, "This deal enables us to keep Wachovia intact and preserve the value of an integrated company, without government support," Robert Steel, Wachovia's president and chief executive, said in a statement.
Wachovia Securities, the retail brokerage operation of the bank, is now known as Wells Fargo Advisors.
A spokesperson for the bank said: "The new brand conveys our commitment to serving the needs and meeting the objectives of our clients. The decision by current management to rebrand the division was made in order to better position ourselves in the marketplace. Liquidity, transparency, performance and trust will be the hallmarks of our programme. Supported by the financial strength and resources of Wells Fargo, ClearLend will continue to provide customised solutions and superior service to our clients.
"With the rebranding, there will be no changes to clients' service or reporting (all report deliverables and services will remain the same) and there are no changes to the management team and staff. Our long-standing management team remains in place and clients' day to day relationship managers and staff contacts will be the same."
Following a turbulent time for banks grappling with the credit crisis and the Lehman Brothers default, October 2008 saw the announcement of the Wachovia-Wells agreement.
An abrupt change of course saw Wachovia Corp. agree to be acquired by Wells Fargo & Co. in a USD15.1 billion all-stock deal, wiping out Wachovia's previous plan to sell its banking operations to rival suitor Citigroup.
One key difference is that the Wachovia deal was done without government assistance, while the Citigroup deal would have gone through with the help of the Federal Deposit Insurance Corp.
But the main reason behind the about turn was down to the future direction of the organisation following the purchase, "This deal enables us to keep Wachovia intact and preserve the value of an integrated company, without government support," Robert Steel, Wachovia's president and chief executive, said in a statement.
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