PNC Bank 2007 Annual Report Download - page 5
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In Retail Banking, we see growth opportunities with our newly acquired banks. Once integrated
into our technology platform, we can expand the distribution of our fee-based products as we
did when we acquired Riggs National Bank in 2005. In those branches, we grew product and
service-related fees by 60 percent in less than two years. We also are expanding our use of
technology, including the launch of a small business portal and mobile banking, to better serve
businesses and to attract new customer segments.
Our Corporate & Institutional Banking segment recognizes its customers want consultative sales
and is implementing a team-based approach designed to make it easy for customers to do
business with us. We also see growth opportunities in the more than $2 trillion healthcare
payment industry with our healthcare payment product. This automated system enables
healthcare providers and third-party payers to electronically manage the increasingly complex
healthcare information and payment process.
Our PFPC segment continues to transform itself from an information processor to an
information provider by adding the capabilities of Albridge Solutions and Coates Analytics,
both acquired in the fourth quarter of 2007. This provides us with opportunities to offer higher
margin, transaction-based services to fund clients within the United States. Leveraging its
international growth, PFPC recently opened an office in Poland as it continues to expand the
comprehensive services it provides to European investment companies.
For PNC, we see 2008 as a time to further differentiate our franchise as we continue to build a
great company.
To do this, we are strengthening our brand so customers see PNC as a true banking partner. Our
employees are key to this effort, and we are committed to training and developing our diverse
workforce so customers can achieve their dreams. We are also asking our employees to identify
innovative and creative ideas so we can deepen our customer relationships.
By advancing our brand equity, employee engagement and innovation, we can further transform
our culture and our company. We aspire to be a company that consistently grows over time, and
is led by employees who are focused on making it easy for customers to do business with us.
We are relentlessly focused on the numbers that drive our business success, but we are greater
than the sum of our financial results. We are a team of 28,000 employees, dedicated to
delivering on our promises by consistently managing risk, performing for our customers and our
communities, and returning value to our shareholders. That is a great company, and I believe we
are focused on a course to reach that goal.
We are proud of all of our accomplishments. On behalf of everyone at PNC, I want to thank
you, our shareholders and customers, for your continued trust. We value your confidence in us
as we continue to build a great company.
Sincerely,
James E. Rohr
Chairman and Chief Executive Officer