PNC Bank 2004 Annual Report Download - page 13

Download and view the complete annual report

Please find page 13 of the 2004 PNC Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 40

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40

Accelerating PNC’s growth
The expanded marketplace in which PNC Business Credit operates reflects a
primary element of our overall strategy for growth: We are constantly seeking
new markets for new and existing products across all of our businesses.
In 2004, for example, PFPC, our mutual fund processing segment, grew its
offshore assets serviced by 36 percent and its alternative assets serviced by
45 percent. BlackRock increased its client base across products and around
the world. And we continued to build on the success of innovative treasury
management technology, including A/R Advantage, our lockbox management
system.
These product and market enhancements are being augmented by strategic
capital investments and commitments, including the acquisition of United
National Bancorp, which closed on January 1, 2004 and added to our
presence in New Jersey and eastern Pennsylvania, the pending acquisition
of Washington, D.C.-based Riggs National Corporation, and BlackRock’s
acquisition of SSRM Holdings, Inc. on January 31, 2005.
“PNC is devoted to understanding our needs and
objectives, and that effort on our behalf has
helped us accelerate our growth. Our new credit
facility gives us increased operating flexibility
and supports our acquisition strategy. We are
very pleased with the working relationship we
have established with PNC.”
– Debra Fine, President and CEO, Small World Kids, Inc.
0
1
2
3
4
5
04
0302
01
PNC BUSINESS
CREDIT LOANS
$ billions
At December 31