Hollywood's 'bank to the stars' sees London expansion under RBC

Toronto

CITY National Corp, Hollywood's "bank to the stars", could expand its entertainment business to London within five years under ownership by Royal Bank of Canada (RBC), chief executive officer Russell Goldsmith said.

Royal Bank, Canada's second-largest lender by assets, agreed to buy Los Angeles-based City National on Jan 22 for about US$5.4 billion. The cash-and-stock deal offers City National the opportunity to become "the premier entertainment bank in the English-speaking world", with new beachheads in Vancouver, Toronto and ultimately the UK, Mr Goldsmith said.