LOS ANGELES, May 19, 2008 (PRIME NEWSWIRE) - City National Bank and the United States Department of Commerce U.S. Commercial Service today announced a partnership aimed at boosting exports from U.S. businesses. The partnership is designed to help simplify international trade, particularly for small- and medium-size businesses looking to source and sell in the global marketplace.
"City National is proud to be the first bank headquartered on the West Coast to be designated as an official partner by the Department of Commerce," said Robert Iritani, EVP, Specialty Banking. "This partnership represents another step forward by City National Bank as we expand our efforts to grow international trade for the Western United States. The world is only getting smaller and this partnership will help us facilitate our clients' business success. The U.S. Commercial Service is an excellent partner. We look forward to working with them."
City National's commercial banking and small business experts provide services for established, profitable businesses. These include working capital loans for export finance, import/export letters of credit, foreign exchange, and equipment financing to emerging market buyers of U.S. equipment. It has relationships with the U.S. Export-Import Bank, Bank of East Asia and other banks around the world.
"City National Bank has a strong record of active support for global trade," said Israel Hernandez, Assistant Secretary for Trade Promotion and Director General of the U.S. and Foreign Commercial Service. "We are pleased to join efforts as global partners helping the business community throughout California and Nevada take full advantage of foreign markets around the world. More than 70 percent of the world's purchasing power and 95 percent of its population are outside of the United States. We recognize that, working together, the public and private sectors can do more to help both U.S. exporters and the U.S. economy grow and remain competitive."
About City National Bank
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE:CYN). It is backed by $15.9 billion in total assets, and provides banking, investment and trust services through 62 offices, including 15 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City. The company and its eight majority-owned investment affiliates manage or administer nearly $56 billion in client investment assets, including $35.9 billion under direct management.
The City National Bank logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3143
For more information about City National, visit the company's Web site at cnb.com.
About the U.S. Commercial Service
The U.S. Commercial Service worldwide network includes more than 250 offices around the country and U.S. embassies and consulates in 80 countries. The U.S. Commercial Service helps companies enter international markets with services including market research, trade events, introduction to qualified buyers and distributors as well as counseling and advocacy. City National joins other U.S. Commercial Service partners, including Google, eBay, FedEx, UPS and Asian Wall Street Journal.
CONTACT: City National Bank