Royal Bank of Canada has made a significant capital infusion of $2.95 billion into its U.S. unit City National Bank to strengthen its capital. This is one of the largest annual fund injections since RBC acquired the bank in 2015.
TORONTO - Royal Bank of Canada has injected about $2.95 billion into its U.S. unit City National Bank so far this year to bolster its capital, making one of the biggest annual infusions of funds since acquiring the Los Angeles-based bank in 2015.
"The necessity of RBC's intervention is a negative read-through, highlighting CNB's struggles to navigate through a tough operating environment," KBW analyst Mike Rizvanovic said. Since RBC acquired it for $5.4 billion in cash and stock, City National has most recently received amounts between $450 million, $700 million and $600 million annually. In the first six months of 2023, City National received $950 million.
Royal Bank Of Canada City National Bank Capital Infusion Financial Strength Banking Crisis
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