Rockall Technologies Enters into Strategic Client Relationship with Wachovia Corporation
Rockall Provides Exclusive Securities Collateral Tracking Software
Minister for Enterprise, Trade and Employment Micheál Martin today (Tuesday 26th April 2005) announced that Wachovia Corporation has selected Rockall Technologies to provide a securities collateral tracking system for both their consumer and wholesale loan portfolios. This system will provide an automated, proactive approach to managing processes, controls and reporting associated with the management and valuation of securities held as collateral.
The announcement was made during a visit to the US by Minister for Enterprise, Trade & Employment, Micheál Martin, organized by Enterprise Ireland. The Minister is accompanied on the visit by Frank Ryan CEO Enterprise Ireland.
Luke Nestor, CEO of Rockall, states, “It gives us great pleasure to be chosen as Wachovia’s partner for this project. This reinforces Rockall’s position as one of the world’s leading providers of collateral management systems.”
Making the announcement Minister Martin “I am delighted to make this announcement which clearly demonstrates an emerging trend of successful Irish business building a strong presence in the United States.”
Greg Jardine, Senior Vice President at Wachovia states, “Having evaluated both the international and domestic markets, we chose Rockall due to the strength and flexibility of their product. Rockall also is well-equipped to provide considerable consultancy expertise to the project.”
About Rockall Technologies
Rockall Technologies is a European based company with Head offices in Cornelscourt, Dublin, and sales and support offices in London, UK and Charlotte, North Carolina. Its core product SAM (Securities/Collateral Activity Management) addresses the needs of the financial sector in the recording, managing and tracking of loan collateral. The product conforms with the latest regulatory requirements and the appropriate parts of the Basel II global accord. Rockall has recently launched its new Loan Origination module further enhancing its product offering.
About Wachovia Corporation
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve approximately 14 million client relationships (including households and businesses), primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and Washington, D.C. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com.
Wachovia had assets of $436.7 billion, stockholders’ equity of $33.9 billion and market capitalization of $61.4 billion at Sept. 30, 2004. SouthTrust had assets of $53.8 billion and stockholders’ equity of $4.7 billion at Sept. 30, 2004.
ENDS
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Last modified: 26/04/2005
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