PNC Bank 2001 Annual Report Download - page 19

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BUSINESS CREDIT In 2001, PNC
Business Credit strengthened
its position as one of the nation’s
largest asset-based lenders.
In a challenging economic
environment, PNC Business
Credit’s funding and advisory
services capabilities were valuable
to its middle market manufacturing,
wholesale, distribution, retailing and
service industry clients. Combining
features of a finance company and a
bank, PNC Business Credit develops
financing solutions that enable
clients to leverage their asset value
and cash flow to improve working
capital for mergers and acquisitions,
recapitalizations, restructuring and
turnarounds.
In January 2002, PNC
acquired a portion of the U.S.
asset-based lending business of
the National Bank of Canada,
adding $1.5 billion in loans. The
acquisition of this portfolio makes
PNC Business Credit one of
the nation’s top-five asset-based
lenders, with marketing offices in
17
01
$134
00
$119
99
$82
0
35
70
105
140
98
$62
PNC BUSINESS
CREDIT
REVENUE
GROWTH
(in millions)
19 states, including attractive areas
of the Southeast and West.
This acquisition will provide
PNC Business Credit with opportu-
nities to build on the success it has
achieved in deepening client rela-
tionships and cross-selling fee-based
products and services, such as
treasury management, capital mar-
kets and Workplace Banking.
In 2002, PNC Business Credit
will work to integrate the National
Bank of Canada business and continue
to meet client needs by emphasizing
PNC’s fully-integrated menu of finan-
cial products and services.