Wachovia Corporation (NYSE: WB) celebrated the opening of Wachovia Bank International, which is headquartered in Dublin, Ireland, on Oct. 26.
European Union Commissioner Charlie McCreevy attended the event. He said, "I'm delighted to have been formally invited to the opening of Wachovia's European headquarters in Dublin today. I'm sure the regulatory framework we have created in Europe over the past decade will facilitate Wachovia as it moves forward to develop markets for its financial services across the member states."
Approximately 120 people attended the event. The offices opened in April after receiving approval from Irish Financial Regulator and the Federal Reserve. The international bank provides the banking platform for Wachovia's European capital markets businesses.
"I'm extremely pleased with the growth of this office," said Mike Buttner, CEO of Wachovia Bank International. "We've expanded our product offerings and are contributing to Wachovia's international growth and the growth of the Irish economy."
Wachovia Bank International has 27 employees in Dublin. During the first 6 months of operation, Wachovia Bank International has grown to US$15 billion in assets. The office is expected to have 35 employees by the end of 2007, with space to grow to 100 employees over the next few years.