PHILADELPHIA - The University of Pennsylvania has selected Wachovia Bank as a new treasury services banking partner effective Oct. 15. Wachovia will provide a wide range of treasury services for Penn, enabling Penn to increase efficiencies and reduce administrative costs.
'We look forward to our new Treasury Services relationship with Wachovia Bank, " said Craig R. Carnaroli, Penn executive vice president. This is a first step in what we hope to see as a growing partnership here in West Philadelphia and beyond."
As a result of this new agreement, Wachovia will provide servicing for all of the University's general operating accounts including payroll, accounts payable, tuition and gifts processing.
"We are gratified Penn chose Wachovia to provide solutions for their multi-faceted financial needs," said Hugh Long, CEO for Wachovia's MidAtlantic Banking Group. "We look forward to supporting their growth and helping them achieve their vision for Penn's future."
With nearly 25,000 employees Penn is the largest private employer in Philadelphia, with an operating budget of $4.5 billion and an endowment of $4.6 billion. The University, including its health system, contributes $9.6 billion annually to the state economy through its salaries, urchases, research, construction projects, taxes and indirect and induced expenditures, according to a recent independent economic and fiscal impact report. With 20,000 students, Penn ranks the largest among its peers in the Ivy League.
Wachovia Corporation is one of the nation's largest diversified financial services companies, providing a range of retail banking and brokerage, asset and wealth management and corporate and investment banking products and services. Including the Golden West merger, Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices.
Also, two core businesses operate under the Wachovia Securities brand name: retail brokerage and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending and auto finance. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Based on June 30, 2006, pro forma data, Wachovia has combined assets of nearly $700 billion and as of September 29, 2006, a combined market capitalization of $107 billion