Using OLC, clients can apply for letters of credit and request amendments toissued letters. They also can view the terms of issued letters, and receivecorrespondence and debit/credit notices. Sophisticated encryption technology andmulti-level logon protocols that can be tailored to a client's individual needsensure that OLC is safe and secure.
Easy-to-use templates allow clients to simplify the process of filling outapplications and amendments. Because letters of credit applications are sentelectronically, delays caused during the mailing process are eliminated.
"City National is among the first banks of its size to offer this convenience toits clients," said Mark Mayers, senior vice president and manager of CityNational's International Division. "While our clients always have the option ofdealing directly with their branch or relationship manager, City National OnlineLetters of Credit provides a quick and reliable, Web-based alternative that fitstheir busy schedules."
Features of OLC include: - Applications for Import and Standby Letters of Credit - Amendments for Import and Standby Letters of Credit - Copies of Export Letter of Credit Advices"Online Letters of Credit provides our clients the speed and efficienciesafforded by the Internet," Mayers said. "With a few simple mouse clicks, clientscan conduct business from their computers, at the time most convenient forthem."
OLC joins City National's growing list of online products and services forbusinesses, including City National Online Cash Management and Online ForeignExchange. Online Foreign Exchange gives customers the ability to accessreal-time, online currency quotes; monitor rates in multiple currencies; andexecute and settle spot, forward and swap contracts, safely and securely overthe Internet, during foreign exchange trading business hours.
About City NationalCity National Corporation is a publicly owned corporation with $9.1 billion intotal assets whose stock is traded on the New York Stock Exchange under thesymbol "CYN." The corporation's wholly owned subsidiary, City National Bank, isCalifornia's Premier Private and Business Bank(SM). City National Bank, whichprovides banking, trust and investment services, has 49 California officeslocated in Contra Costa, Los Angeles, Orange, Riverside, San Bernardino, SanDiego, San Francisco, San Mateo, Santa Clara and Ventura counties.
For more information about the Corporation please visit our Web site at cnb.com.
CONTACT: City National Bank Mary Schaubert, (213) 833-4710 or Abernathy MacGregor Group Jim Lucas, (213) 630-6550