City National Bank Announces New Online Letters of Credit Product.Business Editors LOS ANGELES--(BUSINESS WIRE)--July 27, 2001 City National Bank (NYSE NYSE See: New York Stock Exchange :CYN CYN Canyon ), the second-largest independent bank headquartered in California, today announced it has launched Online Letters of Credit (OLC OLC - On-Line Computer system ), another in City National's growing portfolio of products for clients who do business overseas. Using OLC, clients can apply for letters of credit and request amendments to issued letters. They also can view the terms of issued letters, and receive correspondence and debit/credit notices. Sophisticated encryption technology and multi-level logon protocols that can be tailored to a client's individual needs ensure that OLC is safe and secure. Easy-to-use templates allow clients to simplify the process of filling out applications and amendments. Because letters of credit applications are sent electronically, delays caused during the mailing process are eliminated. "City National is among the first banks of its size to offer this convenience to its clients," said Mark Mayers, senior vice president and manager of City National's International Division. "While our clients always have the option of dealing directly with their branch or relationship manager, City National Online Letters of Credit provides a quick and reliable, Web-based alternative that fits their 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 efficiencies afforded by the Internet," Mayers said. "With a few simple mouse clicks, clients can conduct business from their computers, at the time most convenient for them." OLC joins City National's growing list of online products and services for businesses, including City National Online Cash Management and Online Foreign Exchange. Online Foreign Exchange gives customers the ability to 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, during 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 . About City National City National Corporation 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). City National Bank, which provides banking, trust and investment services, has 49 California offices located in Contra Costa, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Francisco, San Mateo, Santa Clara and Ventura counties. For more information about the Corporation please visit our Web site at cnb.com. |
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