Profile: PNC Financial Services Group Inc (PNC.N)
21 Nov 2014
The PNC Financial Services Group, Inc. (PNC), incorporated January 19, 1983, is a financial service company. The Company has businesses engaged in retail banking, corporate and institutional banking, asset management, and residential mortgage banking, providing its products and services nationally and others in its markets located in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, Kentucky, Florida, Washington, D.C., Delaware, Virginia, Missouri, Wisconsin and Georgia. It also provides certain products and services internationally. As of December 31, 2011, its corporate legal structure consisted of one domestic subsidiary bank, including its subsidiaries, and approximately 141 active non-bank subsidiaries. On March 2, 2012, it acquired RBC Bank (USA). Effective October 26, 2012, PNC divested certain deposits and assets of the Smartstreet business unit, which was acquired by PNC as part of the RBC Bank (USA) acquisition, to Union Bank, N.A.
Retail Banking provides deposit, lending, brokerage, investment management and cash management services to consumer and small business customers within our primary geographic markets. The Company’s customers are serviced through its branch network, call centers, online banking and mobile channels. The branch network is principally located in its primary geographical markets.
Corporate & Institutional Banking
Corporate & Institutional Banking provides lending, treasury management and capital markets-related products and services to mid-sized corporations, government and not-for-profit 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, our multi-seller conduit, 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 its primary geographic markets, with certain products and services offered nationally and internationally.
Asset Management Group
Asset Management Group includes personal wealth management for high net worth and ultra high net worth clients and institutional asset management. Wealth management products and services include investment and retirement planning, customized investment management, private banking, tailored credit solutions and trust management and administration for individuals and their families. Institutional asset management provides investment management, custody and retirement administration services. Institutional clients include corporations, unions, municipalities, non-profits, foundations and endowments, primarily located in our geographic footprint.
Residential Mortgage Banking
Residential Mortgage Banking directly originates primarily first lien residential mortgage loans on a nationwide basis with a presence within the retail banking footprint, and also originates loans through owned affiliates. Mortgage loans represent loans collateralized by one-to-four-family residential real estate. These loans are underwritten to government agency and/or third-party standards, and sold, servicing retained, to secondary mortgage conduits of Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal Home Loan Banks and third-party investors, or are securitized and issued under the Government National Mortgage Association (GNMA) program. The mortgage servicing operation performs all functions related to servicing mortgage loans, primarily those in first lien position, for various investors and for loans owned by PNC. Certain loan applications are brokered by majority owned affiliates to others.
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. BlackRock provides diversified investment management services to institutional clients, intermediary and individual investors through range of investment vehicles. Investment management services primarily consist of the management of equity, fixed income, multi-asset class, alternative investment and cash management products. BlackRock offers its investment products in a range of vehicles, including open-end and closed-end mutual funds, iShares exchange-traded funds (ETFs), collective investment trusts and separate accounts. In addition, BlackRock provides market risk management, financial markets advisory and enterprise investment system services to a range of clients. Financial markets advisory services include valuation services relating to illiquid securities, dispositions and workout assignments (including long-term portfolio liquidation assignments), risk management and strategic planning and execution. It holds an equity investment in BlackRock.
Non-Strategic Assets Portfolio
Non-Strategic Assets Portfolio includes a consumer portfolio of mainly residential mortgage and brokered home equity loans and a small commercial loan and lease portfolio. It obtained a these non-strategic assets through acquisitions of other companies.
PNC Financial Services Group Inc
ONE PNC PLAZA, 249 FIFTH AVENUE
PITTSBURGH PA 15222
Company Web Links
- MOVES-Willis North America hires Nancy Korcinsky from PNC Financial
- Fitch Assigns 'F1' Rating to PNC Financial Services Group Commercial Paper Shelf Program
- Fitch: PNC's 3Q'14 Earnings in Line with Expectations
- Fitch Affirms PNC Financial's L-T IDR at 'A+' Following Large Regional Bank Review; Outlook Stable
- MOVES-Patrick Woolfe joins U.S. Bank from PNC Financial