Royal Bank of Canada / City National
Royal Bank of Canada is going Hollywood. RBC said Jan. 22 it is acquiring Los Angeles-based City National Corporation, known as the “Bank of the Stars,” for $5.4 billion. The American private and commercial bank serves high-net-worth clients and is noted for its A-list ties. The Globe and Mail newspaper reports that a founder of City National was Frank Sinatra’s friend and put up the ransom money to recover Sinatra’s son from kidnappers in the 1960s. City National also provided financing for such films as “The Silence of the Lambs” and “Driving Miss Daisy.”
