PNC Bank Corp. will acquire the Investor Services Group from First Data Corp. for $1.1 billion in cash. ISG will be rolled into PNCs investment servicing subsidiary PFPC Worldwide. The combined organization will provide fund accounting services for $287 billion in mutual fund assets, serve more than 20,000 retirement plans and provide transfer agent services for 33 million shareholder accounts. The acquired business will give Pittsburgh-based PNC a presence in the 401(k) administration business and boost PNCs fee-based revenue, bank officials said. First Data officials said they sold the unit to concentrate on electronic commerce and electronic payment solutions. The Atlanta-based firm will record an after-tax gain of $370 million from the sale, as well as netting after-tax cash proceeds of $700 million. First Datas board of directors recently authorized a share repurchase program of up to $750 million in outstanding common stock.