PNC Bank 2008 Annual Report Download - page 156

management activities, minority interest in income of
BlackRock for the first nine months of 2006, differences
between business segment performance reporting and
financial statement reporting (GAAP), and most corporate
overhead.
Assets, revenue and earnings attributable to foreign activities
were not material in the periods presented for comparative
purposes.
See Note 28 Subsequent Event regarding changes to our
business segments beginning in the first quarter of 2009.
B USINESS S EGMENT P RODUCTS A ND S ERVICES
Retail Banking provides deposit, lending, brokerage, trust,
investment management, and cash management services to
consumer and small business customers within our primary
geographic markets. Our customers are serviced through our
branch network, the call center and the internet. The branch
network is located primarily in Pennsylvania, New Jersey,
Washington, DC, Maryland, Virginia, Delaware, Ohio,
Kentucky, Indiana, Illinois, Michigan, Missouri, Florida, and
Wisconsin.
Retail Banking also serves as investment manager and trustee
for employee benefit plans and charitable and endowment
assets and provides nondiscretionary defined contribution plan
services. These services are provided to individuals and
corporations primarily within our primary geographic markets.
Corporate & Institutional Banking provides lending, treasury
management, and capital markets-related products and
services to mid-sized corporations, government entities, and
selectively to large corporations. Lending products include
secured and unsecured loans, letters of credit and equipment
leases. Treasury management services include cash and
investment management, receivables management,
disbursement services, funds transfer services, information
reporting, and global trade services. Capital markets-related
products and services include foreign exchange, derivatives,
loan syndications, mergers and acquisitions advisory and
related services to middle-market companies, securities
underwriting, and securities sales and trading. Corporate &
Institutional Banking also provides commercial loan servicing,
and real estate advisory and technology solutions for the
commercial real estate finance industry. Corporate &
Institutional Banking provides products and services generally
within PNC’s primary geographic markets, with certain
products and services offered nationally.
BlackRock is one of the largest publicly traded investment
management firms in the United States. BlackRock manages
assets on behalf of institutional and individual investors
worldwide through a variety of fixed income, cash
management, equity and balanced and alternative investment
separate accounts and funds. In addition, BlackRock provides
risk management, investment system outsourcing and
financial advisory services globally to institutional investors.
At December 31, 2008, PNC’s ownership interest in
BlackRock was approximately 33%.
Global Investment Servicing is a leading provider of
processing, technology and business intelligence services to
asset managers, broker-dealers, and financial advisors
worldwide. Securities services include custody, securities
lending, and accounting and administration for funds
registered under the Investment Company Act of 1940 and
alternative investments. Investor services include transfer
agency, subaccounting, and distribution. Financial advisor
services include managed accounts and information
management. This business segment services shareholder
accounts both domestically and internationally. International
locations include Ireland, Poland and Luxembourg.
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