City National Bank Announces New Online Foreign Exchange Service; City National Among the First Midsized Banks to Offer Online FX Technology.Business Editors LOS ANGELES--(BUSINESS WIRE)--June 18, 2001 City National Bank (NYSE NYSE See: New York Stock Exchange :CYN CYN Canyon ), the second-largest independent bank with headquarters in California, today announced the introduction of its newest product, Online Foreign Exchange (FX), which is geared toward companies that do business overseas. "With Online FX, our business banking clients can now access real-time, online currency quotes; monitor rates in multiple currencies; and execute and settle spot, forward and swap contracts, safely and securely over the Internet -- any time, anywhere, during regular foreign exchange trading Foreign Exchange Trading or FX Trading, clients are able to hedge against, or speculate upon, changes in the exchange rate of two currencies. For example, a speculator can long EUR/USD in foreign exchange market in order to profit from capturing the appreciation of Euro against the business hours BUSINESS HOURS. The time of the day during which business is transacted. In respect to the time of presentment and demand of bills and notes, business hours generally range through the whole day down to the hours of rest in the evening, except when the paper is payable it a bank or by a ," said Mark Mayers, senior vice president and manager of City National's International Division. "Online FX complements the services provided by our experienced and knowledgeable staff of currency traders and advisors at City National Bank." Added Jan Cloyde, executive vice president and head of City National's Banking Services Division: "City National is among the first midsized banks in the country to offer this state-of-the-art technology. Online FX further enhances our suite of online products and services, and gives our clients added flexibility in how they manage their businesses." City National joined with Cognotec(TM), one of the world's leading providers of automated dealing technology for financial institutions, to create the powerful and sophisticated tools available to the users of this product. Features include: -- Live quotes -- Spot currency transactions -- Forward contracts -- Currency swaps -- Deal settlement, confirmation and history "Online Foreign Exchange gives our clients who hedge currency risk and remit payments internationally the convenience of buying and selling at their discretion," added Mayers. "Also, with our Online FX service, clients can access their 90-day trading history, generating custom reports of outstanding trades or reports organized by historical activity." Online Foreign Exchange joins City National's growing suite of online products and services for businesses and individuals, which includes: -- Online Cash Management: Bundles several state-of-the-art features designed to give small-to-midsized businesses greater control over their accounts. -- City National MyAccounts: Allows individuals to consolidate their online account information from City National and various financial and other organizations through account aggregation, letting them view all account information through a single City National Internet site. -- Online Banking and Brokerage: Allows individuals to view personal and brokerage accounts as well as loan balances in real time, obtain account transaction history, process fund transfers, conduct transactions and perform online bill payment. -- Retirement Accounts: Gives employees of companies that have chosen City National for their employees' retirement planning Retirement financial planning refers to a collection of systems, methods, and processes which, in their aggregate, support a family unit's (client's) desire to achieve a state of financial independence, such that the need to be gainfully employed is optional. needs access to their 401(k) accounts through the bank's online "personal retirement" service. -- inside@cnb: Provides qualified clients a highly personalized, information-rich platform that contains online banking, brokerage and retirement services, industry research, and business news. This password-protected site features customized news folders, research and quote capability, market updates and commentary, foreign exchange commentary and economic commentary and industry insight from bank specialists, titled "cnbInsight." About City National City National Corp. is a publicly owned Publicly owned can refer to:
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "CYN." The corporation's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , City National Bank, is California's Premier Private and Business Bank(SM), providing banking, trust and investment services at 48 California banking offices and nine regional centers located throughout Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Orange, Riverside, San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. , San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , San Francisco, San Mateo, Santa Clara and Ventura counties. City National Bank and its affiliates, which include City National Investments, the bank's trust and investment division, have $17.9 billion in assets under administration, which includes $6.6 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion