Federal Reserve Approves Merger between Wachovia Securities Inc and Interstate/Johnson Lane Corporation

The Board of Governors of the Federal Reserve granted Section 20 Tier II powers allowing Wachovia to underwrite and deal in all types of corporate debt and equity securities. Interstate/Johnson Lane Corporation, an NYSE member broker-dealer, will be merged with Wachovia Capital Markets Inc. and renamed Wachovia Securities Inc., which will include two primary divisions. The retail brokerage division will be known as IJL Wachovia, and the institutional business division will operate as Wachovia Capital Markets.


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