从银行到基本银行

In July Mellon Financial Corp. an-nounced that it was selling its branches to Citizens Financial Group and exiting the retail banking business. The move completed the venerable Pittsburgh institution's transformation over the past decade into an asset management company.

梅隆当然不是第一个走非银行化道路追求更高利润——以及股市上更具吸引力的倍数的人。但别指望竞争对手PNC金融服务集团（PNCFinancialServicesGroup）会在短期内做出这样的举动。

维护一个看起来像Mellon的商业组合，在抛售卖出之前 - 一个多士消费银行网络，小型企业和以中间市场为导向的商业贷款组合和越来越多的资产管理和证券加工子公司 - PNC正在为此解决长途运输作为更传统的多元化银行控股公司。

实际上，对于PNC首席执行官詹姆斯·罗尔，梅隆的重新定位代表辩护：在其核心银行市场中PNC的竞争胜利，并加强其坚持为针对针织策略。Rohr说，PNC不会违反银行敏感性的“特许经营危险的赌注”。“如果有一件事作为银行家学习，那么它就永远不会把所有的鸡蛋放在一个篮子里，”他说。

别搞错了，罗尔自己下了一个很大的赌注，但在股市上没有回报。投资者多年来一直在惩罚像他这样的地区性银行。PNC的股票也反映了这一点。截至12月中旬，这一数字为56，同比下降了20%；PNC的13倍远期市盈率仅仅是地区银行的平均值。相比之下，处于转型期的梅隆股价下跌21%，至38美元，但其远期市盈率为22.5美元。在梅隆之前退出传统银行业并强调资产管理的另外两家银行，芝加哥北方信托公司（Northern Trust Corp.）和波士顿州立街公司（State Street Corp.）的股价分别为25和24。

Rohr, though, is keeping the faith in the more traditional structure, and particularly in retail banking, which produces almost half of PNC's revenues. That basic deposit-taking business may be unexciting, and undervalued, but Rohr sees plenty to appreciate. "Some people don't like branch banking, but we've stayed consistent with it, and it's growing," he says. "This looks like a pretty good business to be in." Good enough that PNC saw fit to pay $30 million over 20 years for the naming rights to PNC Park, Pittsburgh's new baseball stadium, which opened last spring.

对于53岁的罗尔来说，对零售业的信心是一个飞跃，如果不是赌博的话。作为一名30年的PNC终身雇员，罗尔和他这一代的大多数银行首席执行官一样，是一名受过训练的商业银行家。上世纪70年代和80年代，旗舰子公司PNC银行（当时称为匹兹堡国民银行）在全国范围内发放企业贷款时，Rohr遍布全国，以吸引大客户。当这家银行跟随客户进入国际市场时，Rohr帮助领导了这一指控。

But banking fashions change. As PNC - the company shortened its name from Pittsburgh National Corp. in the 1980s - retreated from the large-corporate and international arenas in the 1990s, Rohr helped lead efforts to diversify and gained an appreciation for mundane retail deposit taking. Today, with profits in PNC's Midatlantic and Midwest branch network holding steady, Rohr is learning to love retail all the more.

Such affection isn't misplaced, according to John Lyons, a veteran bank analyst and investor and now president of the New York-based Keefe Managers hedge fund. "I think PNC should expand its retail bank. Deposits are now easily gotten after ten years when they were as scarce as hens' teeth," says Lyons. He disagreed with Mellon's gambit so strongly that he sold his shares after it announced its intention to get out of the retail business.

超过720亿美元的资产，PNC排名为13最大的美国银行，当然没有零售中的所有鸡蛋 - 甚至在银行业务。在20世纪90年代，它根据首席执行官托马斯·奥布莱恩，它成功地进入了基于收费的业务。

在PNC第三季度13.5亿美元的收入中，63%或8.49亿美元来自银行业务，包括消费和小企业服务以及房地产贷款。其中63%，即5.85亿美元，大部分来自零售领域，PNC称之为区域社区银行业务。

其余收入来自资产管理 - PNC顾问和着名的固定收入店Blackrock，1995年收购的PNC - 以及银行的PFPC后台证券处理单位。这些行动促使PNC成为比大多数银行的收费收入更强的发电机。费用或非人民币，收入往往受到投资者的高度重视，因为它比利息收入不太循环。

The irony for PNC is that it earns a higher percentage of its income from fees than do most rivals - but investors haven't seen fit to bid up its share price. To be sure, no traditional bank has a noninterest-income ratio approaching the 71 percent of Northern Trust, the 72 percent of State Street or the 83 percent of the revamped Mellon. Yet PNC, at 58 percent as of the third quarter, is well above regionals such as FleetBoston Financial Corp. and Fifth Third Bancorp, which are in the 40s, and it is even two points better than Citigroup, which is seen as a paragon of financial services diversification and trades at a P/E of close to 20.

Stuck between his regional banking peers and the high-fee earners, Rohr simply can't get the market to buy his reasoning. But he remains convinced that traditional banking is a haven for all seasons, all economic cycles. And why not: Through its 716 branches in Pennsylvania and several nearby states, PNC consistently increases its transaction account deposits by 10 percent year over year; after the third quarter they stood at roughly $26 billion out of $45 billion in total deposits. "Those are the best kind to have," says Rohr, noting that they cost little or nothing in the way of interest. Their low cost contributed to a 3.86 percent net interest margin, 32 basis points better than in 2000's third quarter and about 20 basis points better than the average for U.S. banks with more than $10 billion in assets. And the retail bank's earnings were up 25 percent in the third quarter, to $186 million, while income from asset management and processing was flat, at $78 million.

In fact, PNC has been a consistent moneymaker. Consolidated net income hit $298 million in the third quarter. At $1.02 a share, it fell 3 cents shy of the Thomson Financial/FirstCall analysts' consensus, but Rohr deemed it a strong showing "in a very challenging environment." Indeed, PNC had to more than triple its third-quarter provision for credit losses, to $110 million. That was the main reason for a $24 million, or 7 percent, year-over-year decline in the net, but the company still posted a respectable 1.71 percent return on average assets and 17.92 percent return on average equity.

如果有任何银行rohr羡慕，这是辛辛那提的第五个第三三个Bancorp，这是分析师的长期达林，与PNC的大小相同，并且在34倍的倍数中交易。Rohr指出，他的银行有许多相似的优势;就像五分之三，它没有专注于传统的消费银行业务;它还将其贷款收入减少到总数的四分之一，从而越来越依赖费用。将这条线路销售给华尔街分析师并不容易，特别是考虑PNC的开销。PNC仍然看起来只是另一个中间银行的效率比，衡量收入百分比的成本。它在第三季度达到54.7;五分之三，多年来担任了近40次的行业基准，是48.4，这是其最近与密歇根州大急流队的古老肯特金融公司合并的数字。

Rohr和PNC在银行普遍困难的环境中受苦；经济衰退抑制了贷款增长，推高了信贷损失，损害了证券和风险投资组合的估值。保诚证券（Prudential Securities）分析师迈克尔•梅奥（Michael Mayo）虽然相对看好PNC的长期前景，但在9月份将该股从持有下调为卖出。去年12月，摩根大通证券（J.P.Morgan Securities）分析师凯瑟琳•默里（Catherine Murray）下调了对PNC第四季度每股收益的预期，从1美元降至91美分，原因是预计会有贷款损失准备金。美林公司（merrilllynch&Co.）分析师桑德拉弗兰尼根（sandraflannigan）最近将其全年PNC估值下调了15美分，至4.60美元（2000年为4.34美元）。但她认为PNC是长期买入。

Rohr argues that the retail-heavy strategy is bound to pay off over time. "You're only going to get 14 times earnings," he concedes, but he adds that the risks in retail are low and the returns on capital are attractive at 18 percent - average for the company though below the 26 percent from asset management and processing. "We have put together a diverse set of businesses that can deliver premium earnings-per-share growth, which will get us a premium valuation," Rohr declares.

对于他所有的传统银行家谈话，Rohr的公司远非曾经是曾经的银行。PNC在很大程度上避免了传统上定义了商业银行的大型企业贷款。在第三季度证券和交换委员会中披露了更多的缩小规模：PNC披露于其通信行业贷款和其能源，金属和采矿和大企业组合的部分。Merrill的Flannigan表示，这些举措可能需要4亿美元至5亿美元的第四季度后签订，但P​​NC的资本水平足够健康，“充电可以易于吸收。”

PNC还支持信用卡和抵押贷款，这是花旗集团和井库公司等大型公司的抵押贷款，比如花费总贷款平衡，超过三年的贷款平衡，达到460亿美元，PNC现在不足贷款对其书籍 - 9月30日的贷款贷款比例为94％，较前一年的105％，是越来越多的保守主义的迹象。在11月宣布的PNC宣布的交易中，较低的风险偏见是在加拿大国家银行获得基于美国资产的贷款，若干办事处的16亿美元。Rohr描述为“高质量，高回报组合”，将从13至19个州扩展PNC的商业信用局网络。

今天的更厌恶风险,fee-dependent PNC乞讨an to take shape in the 1980s, particularly after O'Brien became CEO in 1985. Two years earlier, when O'Brien was running the lead bank in Pittsburgh and Merle Gilliand headed the parent holding company, PNC acquired Philadelphia-based Provident National Corp. With that deal, PNC signaled that it intended to control its destiny as the banking industry consolidated.

Aside from creating a $10 billion-in-assets statewide holding company, the merger brought into PNC Provident Financial Processing Co., the nucleus of today's PFPC, a leading provider of mutual fund accounting, administration, custody and related processing services. But before the bank could focus on beefing up PFPC, it had to wrestle with its home city's - and its own - industrial legacy. After World War II, Rohr asserts, "we rebuilt Japan, Germany, France, Italy. And all of those steel mills and all of that equipment came from Pittsburgh. We got into the export finance business and ended up with offices in a whole bunch of places." Among those distant outposts: Hong Kong, Paris, São Paulo and Sydney.

By the early 1990s the relevance of PNC's international department had declined along with Pittsburgh's rusted old industrial base. O'Brien assigned Rohr, then head of PNC Bank, to break up and sell off the multinational division, which he accomplished in a series of small deals with banks around the world.

但国内的资产负债表正酝酿着麻烦。罗尔于2000年5月接替奥布莱恩出任首席执行官，一年后出任董事长，他曾冒险押注利率将下降；1994年利率上升时，PNC不得不承担1.35亿美元的衍生品损失。

奥布莱恩的多样化举措得到了更高的分数。尽管其中一个失败了——与美国汽车协会（American Automobile Association）建立的消费贷款合资企业，PNC于1998年以4.5亿美元的价格出售给了信用卡巨头MBNA Corp.——PNC与贝莱德（BlackRock）取得了巨大的成功，后者以2.4亿美元的价格从贝莱德集团（Blackstone Group）手中收购。这只相当于梅隆1993年收购波士顿公司（Boston Co.）和1994年收购德雷福斯公司（Dreyfus Corp.）所花资金的十分之一，这是梅隆在资产管理领域的首次重大举措。匹兹堡银行之间的对比集中体现了关于银行业多元化和零售分行战略优点的大辩论。

截至12月初，当Mellon在宾夕法尼亚州的345个零售分支机构出售，新泽西州和特拉华州公民，竞争对手已经明确地分开了方式。

Although PNC executives have set a goal of getting asset management and processing up to 40 percent of revenues over the next five years from roughly 35 percent now, there is no questioning the company's firm grounding in retail. Says PNC vice chairman Walter Gregg Jr., who oversees New York-based BlackRock and other nonbanking activities, "The community bank is a very, very large part of what we do. It continues to be and will continue to be."

罗尔对梅隆的离开感到非常高兴。他预计，位于罗得岛州的普罗维登斯公民银行（royalbankofscotland Group的子公司）将在转型过程中失去一些业务。当银行合并时，存款经常被侵蚀；Rohr指出，在1998年FirstUnionCorp.（现为WachoviaCorp.）收购费城CorestatesFinancialCorp.后，PNC获利10亿美元。

但是,合并是臭名昭著的管理水平management. The Mellon-Citizens transition seems to be off to a better start, as Mellon reported that its retail deposits rose $1 billion in the third quarter. And Citizens asserts that it is experienced at integrating acquisitions, having completed 17 in ten years. It aims to repeat the pattern of its parent's March 2000 purchase of London's National Westminster Bank, which by all accounts went seamlessly, with minimal customer disruption or loss of market share.

Still, "we're pretty excited about it [competing against Citizens]," says PNC retail banking chief Joseph Guyaux. "We'll advertise, do direct mail and have our people hitting the street," he insists.

Rohr is serious enough about the nonbanking side of the equation to be exploring other deals. He wouldn't mind repeating the experience of BlackRock, which, he boasts, is "the best acquisition of an asset manager ever done." Since PNC bought BlackRock, assets under management have increased more than tenfold, to $226 billion, and the 30 percent of BlackRock shares that PNC issued in a 1999 IPO at $14 each - half to the firm's management and half to the public - have appreciated to $41. That gives BlackRock a market capitalization of $2.6 billion; PNC's is about $16 billion.

Gregg正在努力解决一个类似于PFPC的一部分的计划。“现实是，这些东西在更高的倍数比传统银行业务的竞争中贸易，并将永远交易那种方式。它不会对Blackrock或PFPC的人来获得PNC股权。他们想要一块他们是什么建筑物，“格雷格解释道。

格雷格补充说，PNC最终希望收购一家上市加工公司，并将PFPC并入其中。他不会讨论潜在的收购，但不会太多，而且也不会便宜。例如，总部位于波士顿的全球托管专家Investors Financial Services Corp.的市值为22亿美元，其股票交易市盈率为48倍。SEI投资有限公司是分析师提到的另一种可能性，其市值为45亿美元，市盈率为40%。

尽管这些想法看起来很有趣，但罗尔对核心银行业务非常了解，不会让非银行业务给它蒙上阴影。

"We think this is a good place to be," says Rohr, referring both to the Pittsburgh region and to the retail business.

但传统银行家很难说服投资者分享他们的爱。