LAS VEGAS, Sept. 3, 2008 (GLOBE NEWSWIRE) -- City National Bank today announced that it has expanded its Foreign Exchange Services in southern Nevada to include a second branch location. The bank's Summerlin branch at 10801 W. Charleston Boulevard near the I-215 now has foreign currency capabilities as part of its international banking menu of products and services.
City National first introduced its Foreign Exchange Services in Nevada over a year ago at its Hughes Center branch in Las Vegas located at 3883 Howard Hughes Parkway. The bank is also planning to expand this service to northern Nevada given the increased demand from clients as well as the marketplace for foreign currency and many other international banking services.
"Foreign currency is just one of many valued added benefits we offer to our clients and various markets throughout Nevada," said John Guedry, executive vice president and Nevada region manager of City National Bank. "The decision to expand our foreign currency capabilities to the Summerlin area, and eventually to northern Nevada, is clearly driven by client and market demand. We want to provide our clients with the financial solutions that will help them be more successful in both their personal and professional lives."
Guedry added that Nevada is fast becoming an international hub for both import and export business. "A lot of the economic challenges facing companies today are causing businesses to look to the international markets to grow their market share and revenue stream. City National certainly has the international banking resources to help its clients compete and succeed in the global markets."
Some of these resources include a newly announced partnership with the Department of Commerce (DOC). City National was recently named as a corporate partner of the DOC, which now provides the bank with leads to worldwide export opportunities, procurement services, in-country company and industry research, trade missions, partner matching and more.
City National is also working with state and local government agencies as well as local international trade associations to source companies that need help with both import and export business. The District Export Council (DEC) in Las Vegas and Reno is another international trade association the bank is working with in Nevada to source international banking business. Some of the international banking products and services City National provides to its clients include:
* Import/Export Letters of Credit * Banker's Acceptance * Documentary Collections * Government-Guaranteed Export Lending * Standby Letters of Credit * Foreign Credit Information * International Payments/Collections * Spot Contracts * Forward Contracts * Forward Contracts with "Window" Delivery Dates * Foreign Wire Transfers and Drafts * Foreign Banknotes * Options
"We can literally provide our clients with one stop shopping when it comes to their international banking needs," Guedry said. "The global markets can provide U.S. based companies with a lot of opportunities if you know what you're doing, but if you don't you need to seek out those resources that can help you avoid serious mistakes."
In addition to City National's wide array of international banking solutions, the bank has relationships with the U.S. Export-Import Bank, the Bank of East Asia, and other banks around the world. Likewise, the bank works very closely with foreign dignitaries, U.S. Consuls, Chief of Protocols and other trade officials to help its clients make further inroads into the global markets.
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE:CYN). It is backed by $16.3 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 $53.5 billion in client investment assets, including $34 billion under direct management.
City National has nine branch offices in Nevada, including five in Las Vegas and one each in North Las Vegas, Reno, Carson City and Minden. The bank also has loan production offices in Reno and Stateline in South Lake Tahoe.
For more information about City National, visit the company's Website at cnb.com.
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