PNC Bank 2008 Annual Report Download - page 8

serves. The value proposition to its customers is driven by
providing a broad range of competitive and high quality
products and services by a team fully committed to delivering
the comprehensive resources of PNC to help each client
succeed. Corporate & Institutional Banking’s primary goals
are to achieve market share growth and enhanced returns by
means of expansion and retention of customer relationships
and prudent risk and expense management.
B LACK R OCK
BlackRock is one of the largest publicly-traded investment
management firms in the United States with $1.3 trillion of
assets under management at December 31, 2008. 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, our equity ownership interest in
BlackRock was approximately 33%. Our investment in
BlackRock is a strategic asset of PNC and a key component of
our diversified earnings stream. The ability of BlackRock to
grow assets under management is the key driver of increases
in its revenue, earnings and, ultimately, shareholder value.
BlackRock’s strategies for growth in assets under
management include a focus on achieving client investment
performance objectives in a manner consistent with their risk
preferences and delivering excellent client service. The
business dedicates significant resources to attracting and
retaining talented professionals and to the ongoing
enhancement of its investment technology and operating
capabilities to deliver on this strategy.
G LOBAL I NVESTMENT S ERVICING
Global Investment Servicing (formerly PFPC) 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, banking transaction services, and
distribution. Financial advisor services include managed
accounts and information management. This business segment
serviced $2.0 trillion in total assets and 72 million shareholder
accounts as of December 31, 2008, both domestically and
internationally. International locations include Ireland, Poland
and Luxembourg.
Global Investment Servicing focuses technological resources
on driving efficiency through streamlining operations and
developing flexible systems architecture and client-focused
servicing solutions. Global Investment Servicing’s mission is
to help enable its clients to expand their capabilities, maintain
a technical edge, and maximize returns on their internal
resources by growing revenue and staying ahead of
competitors. During the past year, Global Investment
Servicing expanded its capabilities to serve its clients in the
full service subaccounting arena, integrated its recent
acquisitions of Albridge Solutions and Coates Analytics, and
opened a new servicing unit in Wroclaw, Poland.
B USINESS S EGMENT C HANGES I N 2009
In addition to our existing business segments, PNC will have
three additional business segments beginning in the first
quarter of 2009: Residential Mortgage Banking; PNC Asset
Management Group; and Distressed Assets Portfolio. These
new business segments reflect the impact of our December 31,
2008 acquisition of National City and are more fully described
in Note 28 Subsequent Event included in the Notes To
Consolidated Financial Statements included under Item 8 of
this Report.
SUBSIDIARIES Our corporate legal structure at December 31,
2008 consisted of three domestic subsidiary banks, including
their subsidiaries, and approximately 79 active non-bank
subsidiaries. PNC Bank, N.A., headquartered in Pittsburgh,
Pennsylvania, and National City Bank, headquartered in
Cleveland, Ohio, are our principal bank subsidiaries. Our
other bank subsidiary is PNC Bank, Delaware. Our non-bank
subsidiary, Global Investment Servicing, has obtained a
banking license in Ireland and a branch in Luxembourg, which
allow Global Investment Servicing to provide depositary
services as part of its business. For additional information on
our subsidiaries, see Exhibit 21 to this Report.
STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES
The following statistical information is included on the
indicated pages of this Report and is incorporated herein by
reference:
Form 10-K page
Average Consolidated Balance Sheet
And Net Interest Analysis 157
Analysis Of Year-To-Year Changes In
Net Interest Income 156
Book Values Of Securities 33 and 108-110
Maturities And Weighted-Average
Yield Of Securities 110
Loan Types 31, 104 and 158
Selected Loan Maturities And Interest
Sensitivity 161
Nonaccrual, Past Due And Restructured
Loans And Other Nonperforming
Assets 60-62, 105 and 158
Potential Problem Loans And Loans
Held For Sale 35 and 60-62
Summary Of Loan Loss Experience 61-62 and 159
Assignment Of Allowance For Loan
And Lease Losses 61-62 and 159
Average Amount And Average Rate
Paid On Deposits 157
Time Deposits Of $100,000 Or More 121 and 161
Selected Consolidated Financial Data 21-22
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