Michael Fekete Joins Wachovia Securities Health Care Investment Banking Group

CHARLOTTE, N.C., June 21 /PRNewswire-FirstCall/ -- Wachovia Securities today announced that Michael Fekete joined the firm as a Managing Director in the Health Care Investment Banking group. Fekete is based in San Francisco and reports to John Hudson, head of the group.

Fekete, 40, has more than 19 years of investment banking experience. He joins Wachovia Securities from CIBC World Markets, where he worked as a managing director and head of the West Coast health care investment banking practice.

Fekete was a Managing Director and founding member of the Health Care Investment Banking group at Oppenheimer & Co. until the firm was acquired by CIBC in 1997. Fekete has extensive experience providing investment banking services to clients in the medical devices, pharmaceutical and biotechnology sectors and will continue to cover these areas for Wachovia Securities.

"Mike has a proven track record of originating business and presenting new ideas to clients," said Hudson. "He will work with us to expand our presence in the life sciences sectors and to establish a strong West Coast health care team. We're pleased that Mike has joined Wachovia Securities. His addition will make a significant contribution to our group and Wachovia's investment bank."

Wachovia Securities is the trade name for the corporate, investment banking, capital markets and securities research businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM's affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.

Wachovia Capital Markets, LLC, is a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission and a member of the New York Stock Exchange, the National Association of Securities Dealers, Inc., and the Securities Investor Protection Corp. Wachovia Securities International Limited is a U.K. incorporated investment firm authorized and regulated by the Financial Services Authority.

About Wachovia

Wachovia Corporation 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. Wachovia had assets of $506.8 billion, market capitalization of $80.3 billion and stockholders' equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through http://www.wachovia.com/ .