Exhibit 99.1

                                                                 [PNC BANK LOGO]

CONTACTS:

MEDIA:
- ------
Brian E. Goerke
(412) 762-4304
brian.goerke@pncbank.com

INVESTORS:
- ----------
William H. Callihan
(412) 762-8257
invrela@pncmail.com

                         PNC BANK ANNOUNCES ACQUISITION
                      OF FIRST DATA INVESTOR SERVICES GROUP

       POSITIONS PFPC WORLDWIDE AS A PREMIER INVESTMENT SERVICES PROVIDER

         PITTSBURGH, July 20, 1999--PNC Bank Corp. today announced an agreement
to acquire First Data Investor Services Group (ISG), the mutual fund servicing
subsidiary of First Data Corp. for $1.1 billion in cash. ISG is one of the
nation's leading providers of processing services for pooled investment
products--a high-growth industry that includes mutual funds and retirement
plans.

         The addition of ISG to PFPC Worldwide, PNC's investment servicing
subsidiary, will create a leading force in a processing business that is highly
valued by the investor community. The acquisition will make PFPC one of the
nation's leading full-service mutual fund transfer agents, while significantly
strengthening PFPC's position as a full-service provider of mutual fund
accounting services. The transaction will also add key related businesses
including retirement plan servicing to PFPC's growing operations. The combined
organization will provide fund accounting services for $287 billion in mutual
fund assets and transfer agent services for 33 million shareholder accounts, and
will service over 20,000 retirement plans.

         The acquisition is expected to increase the relative revenue
contribution of PNC's fee-based businesses to approximately 55 percent this year
on a pro forma basis and 60 percent in 2000. The transaction will be accounted
for as a purchase and is expected to be less than one percent dilutive to GAAP
earnings per share in the first year and accretive thereafter. On a cash basis,
the transaction is expected to be substantially accretive to earnings per share
immediately. The transaction is expected to close in the fourth quarter of 1999,
pending regulatory approvals and customary conditions to closing.


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PNC Bank Announces Acquisition of First Data Investor Services Group - Page 2


         "This acquisition advances our strategies focused on building
best-of-class businesses in high-growth, high-return industries," said Thomas H.
O'Brien, chairman and chief executive officer of PNC Bank. "The acquisition of
ISG will create a market leader in virtually every major category of a
fast-growing industry, and we expect it to have a positive impact on our growth
and earnings dynamics."

         "PFPC has a 25-year history of leadership and innovation in providing
customized fund services," said J. Richard Carnall, chairman and chief executive
officer of PFPC Worldwide. "The addition of ISG will further strengthen our core
businesses, while enhancing our expansion in key, related businesses such as
401(k) administration which present significant opportunities for growth. This
acquisition will also solidify PFPC's position as a leader in shareholder
services technology."

         "We believe this combination will create the premier one-stop shop for
high-quality shareholder services, bringing a virtually unparalleled array of
services to our customers," said James L. Fox, president and chief operating
officer of ISG. "We are pleased to be joining an organization with a strong
commitment and proven track record in this business."

         Fox will become vice chairman of PFPC Worldwide, joining the executive
management team headed by Carnall and Vincent J. Ciavardini, president and chief
operating officer.

         PFPC Worldwide provides a broad range of technology-driven services
including fund accounting, administration, transfer agency, shareholder
services, custody, integrated banking transaction services, hedge products
accounting and securities lending. In 1993, PFPC established PFPC International
Ltd., based in Dublin, Ireland, to better serve the international funds
community and target opportunities to serve EU-based funds and partnerships.

         PNC Bank Corp. is one of the largest diversified financial services
organizations in the United States. Its major businesses include PNC Regional
Bank, PNC Institutional Bank, PNC Advisors, PNC Mortgage, PNC Secured Finance,
PFPC Worldwide and BlackRock.

This press release contains forward-looking statements with respect to the
anticipated effect of the proposed acquisition of ISG. The following factors,
among others, could cause actual results to differ materially from PNC's
expectations: extent of ISG customer retention and generation; ability to timely
and fully realize contemplated cost savings and revenues; ability to attract and
retain management; cost and availability of acquisition financing; factors
related to ISG's Year 2000 remediation efforts and the Year 2000 compliance of
other parties; technological changes; changes in economic conditions, interest
rates, and financial and capital markets; competition; and changes in
legislation or regulatory requirements. PNC does not assume any duty to update
forward-looking statements.

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