PNC Bank 2001 Annual Report Download - page 11

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We’re also focused on broadening
relationships with corporate clients.
We’re pursuing opportunities to lever-
age our extensive array of corporate
services, such as treasury management,
capital markets and private banking,
where we believe PNC has a competi-
tive advantage.
— Rohr
CAN GROWTH IN BLACKROCK
AND PFPC BE SUSTAINED?
BlackRock and
PFPC have both
delivered out-
standing revenue
growth in a tur-
bulent market.
While their successes should inspire
confidence, I know the management
teams are focused on raising the bar
even higher. There will continue to
be attractive growth opportunities in
these businesses, although market
conditions and increased competition
continue to present challenges.
To sustain and enhance the
growth prospects in asset manage-
ment, we are expanding the product
line and distribution capabilities.
At the same time, our global funds
processing business is now leveraging
the broader product platform
we have built.
— Rohr
WHAT IS YOUR ACQUISITION
STRATEGY?
We will make tar-
geted investments
on a business-by-
business basis —
specifically when
it makes sense
from a scale, technology or expertise
perspective. Our acquisitions in
recent years have reflected this
approach. For example, we recently
completed our acquisition
of a portion of the U.S. asset-based
lending business of the National
Bank of Canada, extending our reach
in secured lending. And the acquisi-
tion of Investor Services Group in
late 1999 has significantly enhanced
our growth prospects in global funds
processing, another area where PNC
has created shareholder value.
— Gregg
9