PNC Bank 2004 Annual Report Download - page 21

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“Our PNC bankers came up with the best option
for us. They combined multiple financing
products to develop a creative solution to the
complex financing needs of our Villas del Lago
development in Miami. I know I can rely on
PNC for intelligent, efficient options for Royal
Castle’s future projects.”
– Elliot Stone, Principal, Royal Castle Companies
Delivering a unified PNC
PNC is an organization of more than 23,000 employees, with $80 billion in
assets and offices around the country and overseas. But we are committed to
delivering to each of our customers a unified approach that taps the full range
of our expertise. In practice, that means that when a consumer checking
customer seeks financing for a new business idea, we work to serve that need
seamlessly. When the CEO of a corporate client needs a wealth management
plan, PNC Advisors steps in to assist. And when a small business grows into
a middle market business, the customer experiences no disruption in service
from PNC.
Part of our ability to offer such comprehensive service comes from our clear
understanding of our customers. We have developed a robust database of
information so that our employees have access to the information they need
to serve our customers.
We intend to move even closer to our customers throughout the course
of 2005, as we undertake an initiative to become more efficient in our
service – to reduce corporate elements that do not contribute to our ability
to meet customer needs.
Overarching success at PFPC
PFPC, our mutual fund processing company,
achieved remarkable success in 2004. In a
market environment challenged by weak
equity trading volumes, investigations
into the mutual fund industry and fierce
competition that exerted downward
pressure on prices, PFPC nevertheless
produced nine percent earnings growth and
increased its total assets serviced to $1.8
trillion, a 13 percent increase over 2003.
Gains in offshore and alternative assets, as
well as disciplined cost control, contributed
to PFPC’s success.