|To: TLindt who wrote (123)||7/20/1999 9:17:00 AM|
(PR NEWSWIRE) PNC Bank Announces Acquisition of First Data Investor Servic|
PNC Bank Announces Acquisition of First Data Investor Services Group; Positions
PFPC Worldwide as a Premier Investment Services Provider
PITTSBURGH, July 20 /PRNewswire/ -- PNC Bank Corp. (NYSE: PNC) today
announced an agreement to acquire First Data Investor Services Group (ISG),
the mutual fund servicing subsidiary of First Data Corp. (NYSE: FDC) for
$1.1 billion in cash. ISG is one of the nation's leading providers of
processing services for pooled investment products -- a high-growth industry
that includes mutual funds and retirement plans.
The addition of ISG to PFPC Worldwide, PNC's investment servicing
subsidiary, will create a leading force in a processing business that is
highly valued by the investor community. The acquisition will make PFPC one
of the nation's leading full-service mutual fund transfer agents, while
significantly strengthening PFPC's position as a full-service provider of
mutual fund accounting services. The transaction will also add key related
businesses including retirement plan servicing to PFPC's growing operations.
The combined organization will provide fund accounting services for $287
billion in mutual fund assets and transfer agent services for 33 million
shareholder accounts, and will service over 20,000 retirement plans.
The acquisition is expected to increase the relative revenue contribution
of PNC's fee-based businesses to approximately 55 percent this year on a pro
forma basis and 60 percent in 2000. The transaction will be accounted for as
a purchase and is expected to be less than one percent dilutive to GAAP
earnings per share in the first year and accretive thereafter. On a cash
basis, the transaction is expected to be substantially accretive to earnings
per share immediately. The transaction is expected to close in the fourth
quarter of 1999, pending regulatory approvals and customary conditions to
"This acquisition advances our strategies focused on building best-of-
class businesses in high-growth, high-return industries," said Thomas H.
O'Brien, chairman and chief executive officer of PNC Bank. "The acquisition
of ISG will create a market leader in virtually every major category of a
fast-growing industry, and we expect it to have a positive impact on our
growth and earnings dynamics."
"PFPC has a 25-year history of leadership and innovation in providing
customized fund services," said J. Richard Carnall, chairman and chief
executive officer of PFPC Worldwide. "The addition of ISG will further
strengthen our core businesses, while enhancing our expansion in key, related
businesses such as 401(k) administration which present significant
opportunities for growth. This acquisition will also solidify PFPC's position
as a leader in shareholder services technology."
"We believe this combination will create the premier one-stop shop for
high-quality shareholder services, bringing a virtually unparalleled array of
services to our customers," said James L. Fox, president and chief operating
officer of ISG. "We are pleased to be joining an organization with a strong
commitment and proven track record in this business."
Fox will become vice chairman of PFPC Worldwide, joining the executive
management team headed by Carnall and Vincent J. Ciavardini, president and
chief operating officer.
PFPC Worldwide provides a broad range of technology-driven services
including fund accounting, administration, transfer agency, shareholder
services, custody, integrated banking transaction services, hedge products
accounting and securities lending. In 1993, PFPC established PFPC
International Ltd., based in Dublin, Ireland, to better serve the
international funds community and target opportunities to serve EU-based funds
PNC Bank Corp. is one of the largest diversified financial services
organizations in the United States. Its major businesses include PNC Regional
Bank, PNC Institutional Bank, PNC Advisors, PNC Mortgage, PNC Secured Finance,
PFPC Worldwide and BlackRock.
This press release contains forward-looking statements with respect to the
anticipated effect of the proposed acquisition of ISG. The following factors,
among others, could cause actual results to differ materially from PNC's
expectations: extent of ISG customer retention and generation; ability to
timely and fully realize contemplated cost savings and revenues; ability to
attract and retain management; cost and availability of acquisition financing;
factors related to ISG's Year 2000 remediation efforts and the Year 2000
compliance of other parties; technological changes; changes in economic
conditions, interest rates, and financial and capital markets; competition;
and changes in legislation or regulatory requirements. PNC does not assume
any duty to update forward-looking statements.
Visit PNC Bank on the World Wide Web at pncbank.com
SOURCE PNC Bank Corp.
/CONTACT: Media, Brian E. Goerke, 412-762-4304, or,
firstname.lastname@example.org, or Investors, William H. Callihan, 412-762-8257, or,
email@example.com, both of PNC Bank/
/Company News On-Call: prnewswire.com or fax,
800-758-5804, ext. 701257/
/Web site: pncbank.com /
CO: PNC Bank Corp.; First Data Corp.; First Data Investor Services Group;
ST: Pennsylvania, Georgia
*** end of story ***
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|To: AugustWest who wrote (124)||8/4/1999 7:43:00 AM|
|From: Benny Baga|
TransPoint. Well it is August and still not TP is not up and running anywhere except their own web site (Unless you want to include the link on msn). Kind of a joke, only 6 billers, and out of that, only 4 decent ones (Xerox is b2b, and orange county is extremely small).|
No payanyone, and if the Citi rumors are true (Citi's platform is not scalable), TP won't have pay anyone for a while. Hmmmm, Hmmmm.
In my munchkin voice.....Ding Dong the Witch is dead?
Benny ("the bull")
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