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The Path to Redemption: Four years ago, PNC Financial Services was on the regulatory ropes. Overcoming those troubles wasn't easy for chairman and CEO James Rohr, who instilled confidence-and, some say, a bit of a swagger-in a company searching for an identity. Today PNC seems able to do no wrong. Can its run of success continue?(Company overview)
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US Banker
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April 1, 2006
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Copyright informationCOPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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When Merrill Lynch agreed in February to take a 49.8 percent stake in money manager BlackRock, the biggest winners might have been PNC Financial Services Group and its chairman and CEO, James Rohr. The deal values Pittsburgh-based PNC's 70 percent stake in BlackRock at about $5.6 billion, an outlandish return on the $240 million it paid in 1995. After booking an after-tax gain of about $1.6 billion on part of its holdings when the deal closes in September, PNC's remaining 34 percent ownership in a bigger, stronger BlackRock will actually contribute more to its bottom line than before the deal. "We end up having more net income from BlackRock after the transaction, and it frees ...
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