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Rating:PNC Global Investment Servicing Quintuples Income as Sale Looms Not Rated 4.0 Email Routing List Email & Route  Print Print
Thursday, April 22, 2010

PNC Global Investment Servicing Quintuples Income as Sale Looms

Reported by Neil Anderson, Managing Editor

Even as the Bank of New York Mellon deal looms, PNC Global Investment Servicing is raking in the dough. Today its parent bank, PNC Financial Services Group, revealed that the mutual fund back office unit raked in $23 million in net income in the first quarter of 2010, up more than five times from its $4 million income in Q4 2009 and more than double its Q1 2009 income of $10 million.

In February, PNC confirmed plans to sell GIS to BNY Mellon for $2.3 billion in cash. PNC expects the deal to close in the third quarter and to bring in an after-tax gain of about $455 million, which it will use "to further improve its capital structure." 

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