City National Expands Export Products
Los Angeles–based City National Bank has added two new export finance products designed to help California’s small- and mid-sized companies.
The two products, the Working Capital Guarantee Program and the International Buyer Credit Program, are based on programs offered by the United States’ official export credit agency, the Export-Import Bank of the United States.
The Ex-Im Bank recently gave City National the “high plus” rating as a delegated authority lender, which allows the California-based bank to approve working capital loans up to $7.5 million per borrower without seeking approval from the credit agency. The rating also allows City National to negotiate a lower fee with its customers using the Working Capital Guarantee Program, an assetbased credit facility that will help exporters fill international orders by providing working capital.
The International Buyer Credit Program will help U.S. exporters finance medium- and long-term buyers by offering multi-year repayment terms when financing is otherwise not available.
City National has 55 offices, including 12 full-service centers in Southern and Northern California and in New York.
The company recently hired Thomas A. Hill as vice president with the Export Finance Group in the International Banking Services division. Hill has a long history in export financing. Previously, he was president of Trade Finance Associates in Washington, D.C., which opened a Los Angeles office three years ago to provide export financing for middle-market companies. Hill also served as vice president of GMAC Commercial Finance and senior manager of Thomson-CSF/Thales, based in Alexandria, Va.
—Alison A. Nieder
