NRI, Gagan Singh
appointed senior vice president of PNC Bank
and managing director of asset and liability management
PITTSBURGH, May 3, 2004
The PNC Financial Services Group, Inc. today announced the appointment
of Gagan Singh as senior vice president and managing director
of asset and liability management for the corporation and
chief investment officer for its banking entity - PNC Bank, National
Association. He has been named managing director of the Pittsburgh-based
PNC Financial Services Group that manages assets worth $65
billion.
Gagan Singh will report to E. William Parsley, treasurer
and chief investment officer for the overall corporation, and
will be responsible for oversight and management of PNC's portfolio
and proprietary trading.
- Pittsburgh National Corporation, parent of Pittsburgh National
Bank, was established as the Pittsburgh Trust and Savings Company
in 1852, and is the oldest bank in Pittsburgh. Within months
of its creation, the company moved its offices to Wood Street,
one door from the corner of Fifth Avenue, and in 1858 it acquired
the corner lot. The company has been doing business at the corner
of Fifth Avenue and Wood Street ever since.
- Officers of Pittsburgh National played a key role in the passage
of the National Banking Act of 1863, and the bank was the first
to apply for a national charter. Upon receiving of its new charter,
the institution became the First National Bank of Pittsburgh.
- In the expansive period after the Civil War, the growth of
the iron, steel, glass, and coal industries provided the foundation
for a profitable bank.
- First National Bank of Pittsburgh became Peoples First National
Bank and Trust Company in 1946 through consolidation with Peoples-Pittsburgh
Trust Company. In 1959, a triple merger occurred -Fidelity Trust
Company merged with Peoples First, which, in turn, merged with
First National. No permutation of the existing names seemed
sufficient; a new name, -- Pittsburgh National Bank -- and a
new symbol, a triangle that expressed the industrial and commercial
strength of Pittsburgh's Golden Triangle, were created.
Biography:
Gagan Singh has extensive experience and expertise in interest
rate derivatives and mortgage-backed securities along with a strong
set of quantitative and analytical skills. He held a variety of
market-related positions at J.P Morgan Chase, most recently as
head of its derivative strategy. In this capacity, Singh advised
banks and asset managers on managing and hedging interest rate
risk and was actively involved with proprietary trading.
Singh holds a bachelor's degree in electrical engineering from
the Indian Institute of Technology in Mumbai, India, and a master's
in electrical engineering from the University of Maryland where
he was awarded the prestigious Graduate School Fellowship.
"Gagan brings an in-depth knowledge and understanding of
relative value trading across a variety of fixed-income asset
classes, which is particularly relevant in today's market,"
Parsley said. "His expertise will help us to maximize shareholder
value over the long term by improving the management of our investment
portfolio and interest rate risk."
The PNC Financial Services Group, Inc., is one of the nation's
largest diversified financial services organizations, providing
regional community banking; wholesale banking, including corporate
banking, real estate finance and asset-based lending; wealth management;
asset management and global fund services.