LOS ANGELES--(BUSINESS WIRE)--June 18, 2001--City National Bank(NYSE:CYN), the second-largest independent bank with headquarters inCalifornia, today announced the introduction of its newest product,Online Foreign Exchange (FX), which is geared toward companies that dobusiness overseas.
"With Online FX, our business banking clients can now accessreal-time, online currency quotes; monitor rates in multiplecurrencies; and execute and settle spot, forward and swap contracts,safely and securely over the Internet - any time, anywhere, duringregular foreign exchange trading business hours," said Mark Mayers,senior vice president and manager of City National's InternationalDivision. "Online FX complements the services provided by ourexperienced and knowledgeable staff of currency traders and advisorsat City National Bank."
Added Jan Cloyde, executive vice president and head of CityNational's Banking Services Division: "City National is among thefirst midsized banks in the country to offer this state-of-the-arttechnology. Online FX further enhances our suite of online productsand services, and gives our clients added flexibility in how theymanage their businesses."
City National joined with Cognotec(TM), one of the world's leadingproviders of automated dealing technology for financial institutions,to create the powerful and sophisticated tools available to the usersof this product. Features include:
Spot currency transactions
Deal settlement, confirmation and history
"Online Foreign Exchange gives our clients who hedge currency riskand remit payments internationally the convenience of buying andselling at their discretion," added Mayers. "Also, with our Online FXservice, clients can access their 90-day trading history, generatingcustom reports of outstanding trades or reports organized byhistorical activity."
Online Foreign Exchange joins City National's growing suite ofonline products and services for businesses and individuals, whichincludes:
Online Cash Management: Bundles several state-of-the-artfeatures designed to give small-to-midsized businessesgreater control over their accounts.
City National MyAccounts: Allows individuals to consolidatetheir online account information from City National andvarious financial and other organizations through accountaggregation, letting them view all account information througha single City National Internet site.
Online Banking and Brokerage: Allows individuals to viewpersonal and brokerage accounts as well as loan balances inreal time, obtain account transaction history, process fundtransfers, conduct transactions and perform online billpayment.
Retirement Accounts: Gives employees of companies that havechosen City National for their employees' retirement planningneeds access to their 401(k) accounts through the bank'sonline "personal retirement" service.
inside@cnb: Provides qualified clients a highly personalized,information-rich platform that contains online banking,brokerage and retirement services, industry research, andbusiness news. This password-protected site featurescustomized news folders, research and quote capability, marketupdates and commentary, foreign exchange commentary andeconomic commentary and industry insight from bankspecialists, titled "cnbInsight."
About City National
City National Corp. is a publicly owned corporation with $8.9billion in total assets whose stock is traded on the New York StockExchange under the symbol "CYN."
The corporation's wholly owned subsidiary, City National Bank, isCalifornia's Premier Private and Business Bank(SM), providing banking,trust and investment services at 48 California banking offices andnine regional centers located throughout Los Angeles, Orange,Riverside, San Bernardino, San Diego, San Francisco, San Mateo, SantaClara and Ventura counties.
City National Bank and its affiliates, which include City NationalInvestments, the bank's trust and investment division, have $17.9billion in assets under administration, which includes $6.6 billion inassets under management. For more information about the corporation,visit its Web site at www.cnb.com.
For more information about Cognotec, visit its Web site,www.cognotec.com.
CONTACTS: City National Bank
Mary Schaubert, 213/833-4710 or Abernathy McGregor Group Alan Maltun, 626/441-9093