RBC announces Greg Carmichael as executive chair, City National Bank board of directors
- Greg Carmichael's appointment as executive chair will strengthen City National Bank's platform for future growth.
- Carmichael's client-centered and digital-first mindset will be key to driving performance.
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"We're pleased to have an executive of Greg's calibre join City National, and are confident his strong track record of strategic, operational and technological success will help strengthen our foundation for future growth," said Dave McKay, president & CEO, RBC. "City National has had a period of significant expansion since RBC acquired it in 2015, and is part of our long-term growth strategy in the
Greg Carmichael is a highly respected banking veteran who brings extensive experience to the City National Board. Most recently he was executive chair of the board of directors of Fifth Third Bancorp, the ninth-largest
Mr.
"I'm honoured to join City National at this important time for the company as it plans for its next phase," said Greg Carmichael. "With great people, outstanding client relationships, and backed by the strength and breadth of RBC, City National has exciting potential. I look forward to working with Kelly Coffey and the impressive team under her leadership."
"I'd like to thank Doug Guzman, who served as board chair of City National for the interim period since March 2022, in addition to his other responsibilities leading our global wealth management businesses, insurance and investor services," said Mr. McKay. "During his time as chair, Doug significantly strengthened governance, building out the board's expertise, experience and diversity. Under his guidance, City National leveraged more of the strengths, scale and expertise from across RBC for clients and employees."
Mr. Guzman, group head of Wealth Management & Insurance at RBC, will remain on the City National board.
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 17 million clients in Canada, the
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
With
For more information about City National, visit the company's website at cnb.com.
This press release contains forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this press release may include, but are not limited to, statements with respect to City National Bank's future actions and objectives. The forward-looking information contained in this press release is presented for the purpose of assisting the holders of our securities and financial analysts in understanding City National Bank's objectives, vision and strategic goals and may not be appropriate for other purposes. Forward looking statements are typically identified by words such as "believe", "expect", "foresee", "forecast", "anticipate", "intend", "estimate", "goal", "commit", "target", "objective", "plan" and "project" and similar expressions of future or conditional verbs such as "will", "may", "might", "should", "could" or "would".
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SOURCE Royal Bank of Canada