Business Services Industry
PNC Financial Services Hopes to Increase Retail Banking Business.
Knight Ridder/Tribune Business News, August, 2001
By Bill Sulon, The Patriot-News, Harrisburg, Pa. Knight Ridder/Tribune Business News
Aug. 3--Like Mellon Financial Corp., PNC Financial Services Group has been relying more on asset management and fee-based income to bolster the bottom line.
Mellon sold its credit-card and mortgage business, and PNC did the same a short time later.
So will PNC follow Mellon's lead and sell off its retail banking business?
"That's not the plan," says James E. Rohr, PNC's chief executive officer.
Instead, PNC will target Mellon customers who may not appreciate the plan to sell Mellon's banking operations to Citizens Financial Group, the Providence, R.I.-based subsidiary of the Royal Bank of Scotland.
"The loyalty factor is...
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