Wachovia Bank is considering a request from the U.S. government to assist in transferring $25 million to North Korea in an effort to stopping the communist country from further developing its nuclear program. The Charlotte-based bank was earlier asked by the U.S. State Department to support the processing of an inter-bank transfer of funds. North Korea's government wanted to make use of an American bank to transfer money from a lender in Macau, a Chinese territory. This move would have secured North Korea's access to the global financial system.
Wells Fargo launches unique mobile banking service
Wells Fargo & Company has introduced a new mobile service for CEOs, making it the first major American financial organization to offer mobile service to businesses. The preliminary edition of the service will only be available to a select group of business customers. Through this service, Wells Fargo will provide key treasury reports using a secure browser. The updated version will include wire approvals and other unique functions, such as password-reset options. Wells Fargo & Company is a leading financial services company providing banking, insurance, and various other financial services through more than 6,000 terminals.
Zions Bancorporation completes ESOARS auction
Zions Bancorporation declared the successful completion of its auction of Employee Stock Option Appreciation Rights Securities (ESOARS[TM]). The market-clearing price of $12.06 per unit was allocated to 21 out of the 43 bidders who participated in the auction. Zions board of directors approved 994,180 employee stock options with a price of $83.25. Zions Direct, a subsidiary of Zions, served as an auction agent. Zions Bancorporation is one of the leading financial services organizations of the U.S. and operates more than 500 offices and 600 ATMs in 10 western and southwestern states. The company mainly deals in small business administration lending and public finance advisory services.
