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Gagan Singh


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.


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.