A few years ago, RBC purchased the Los Angeles-based City National Bank, and now the two companies are working to profit off of that with a new co-branded office in Minneapolis. The co-branded space, which is in Minneapolis' RBC Plaza, is the first City National Bank location in the US to partner with another bank, and the decision is a pointed one.
High net worth clients such as entrepreneurs often use City National Bank for its retail, private, and business services, but RBC's wealth management services are unparalleled. Rather than potentially losing these wealthy clients by forcing them to choose between two banks, RBC and City National now allow them to do all their banking in a single location. Further, clients already using City National and still deciding on a wealth management service can more easily be converted to RBC thanks to the new office arrangement.