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."