Lloyds TSB outsources trade back-office processing to Wachovia

Lloyds TSB outsources trade back-office processing to Wachovia

UK banking group Lloyds TSB has outsourced its trade back office processing operations to US bank Wachovia.

Wachovia's global financial institutions and trade division, based in Hong Kong, will assume a full processing role in early 2008.

Paul Baker, managing director, group operations, Lloyds TSB, says: "This agreement with Wachovia will enable us to provide a stronger, more comprehensive customer proposition, while increasing flexibility and reducing costs."

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