City National Bank, the American subsidiary of Royal Bank of Canada, announced the appointment of Howard Hammond as CEO, succeeding Kelly Coffey, effective November 27.
Mr. Coffey will take on the role of CEO of the bank’s entertainment division, City National Entertainment, the bank said in a statement on Friday.
Howard Hammond comes from Fifth Third Bancorp, where he most recently served as Executive Vice President and Director of the Consumer Banking Division.
Parent company Royal Bank of Canada has injected around $2.95 billion into the bank since the beginning of the year to strengthen its capital. This is one of the largest annual cash injections since the bank was acquired in 2015.
Last month, City National’s outgoing CEO, Mr Coffey, told Reuters that the capital injection was aimed at further strengthening the capital and liquidity position of the bank’s balance sheet.
Since RBC acquired it for $5.4 billion in cash and stock, City National has recently received amounts ranging from $450 million to $700 million to $600 million per year. In the first six months of 2023, City National received $950 million. (Reporting by Akanksha Khushi in Bengaluru; Editing by David Gregorio)
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