PNC Bank 2003 Annual Report Download - page 10

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Challenge employee referral program.
These channels make it easier for
prospective customers to choose PNC
and, combined, have attracted 26% of
our new checking customer relationships.
In Wholesale Banking, we are
intensely focused on growth. We have
had great success in winning customers
across our business segments who are
more profitable and meet our desired
risk profile. Our strategy is to leverage
our client base to emphasize our
leading treasury management, capital
markets, leasing and institutional trust
products, which we feel provide us
with a great opportunity for growth.
We also operate in some very
affluent regions, containing roughly
$1.7 trillion in investable assets. No one
asset management firm has more than a
four percent market share. With our
enhanced product line, talented people
and emphasis on becoming our clients’
trusted advisor, we have positioned
PNC Advisors to win more than its
share of that business moving forward.
You have a strong capital
position. How does PNC
manage its capital?
DEMCHAK: One of the primary
responsibilities we have is to manage
capital in a way designed to drive value
for our owners.
We apply a disciplined approach.
First, we look for value-added opportu-
nities to invest in our businesses, such
as the purchase of United National,
which strengthened our banking busi-
nesses. When these options are not
available, we return capital to our
shareholders through our dividend or
share repurchase program.
For example, in 2003 we raised
the dividend by more than four
percent and repurchased 10.8 million
shares of PNC stock.
How are you driving growth
at BlackRock and PFPC?
ROHR: We are excited about the
growth opportunities in each of these
businesses.
BlackRock’s growth continues to
be fueled by investment performance
and exceptional client service. While
continuing to invest in its core fixed
income franchise, BlackRock has
selectively expanded its equity and
alternatives capabilities, added
resources in BlackRock Solutions®
and enhanced marketing efforts
worldwide, all of which con-
tributed to last year’s results and
will help drive future growth.
William S. Demchak
Vice Chairman and
Chief Financial Officer
Joseph C. Guyaux
President
8