Minneapolis-based RBC Wealth Management, the U.S. investment arm of the Canadian financial services firm, will host the first new office of City National Bank, the upscale bank acquired by RBC in late 2015.
RBC, the parent company, acquired City National of Los Angeles for $5 billion in cash and RBC stock as a way to grow its private and commercial banking business in tandem with its U.S. wealth management business that boasts assets of $289 billion and 1,800 financial advisors in 40 states.
The first “co-branded” RBC-City National office will open in May at RBC Plaza downtown, focusing on private-and-business banking for individuals, families and businesses, particularly RBC clients. A temporary banking office opened earlier in RBC’s wealth management offices.
“City National is a long-time provider of elite banking products and services and we are proud to have them as our partner in the Twin Cities,” Tom Sagissor, president of RBC Wealth Management said in a statement. “With City National’s outstanding…banking capabilities, RBC and City National Bank, will be able to meet every financial need [of] our clients.
Megan Nelson, joined City National last August from the Minneapolis office of Abbot Downing, the high-end wealth management boutique of Wells Fargo, as senior vice president.
City National, with $45 billion in assets, also has offices in Los Angeles, San Francisco, Las Vegas, New York, Atlanta and Nashville.
RBC Wealth Management employs 1,400 at RBC Plaza and 4,700 around the country.