A few years ago, RBC purchased the Los Angeles-based City National Bank, and now the two companies are working to profit off of that with a new co-branded office in Minneapolis. The co-branded space, which is in Minneapolis' RBC Plaza, is the first City National Bank location in the US to partner with another bank, and the decision is a pointed one.
High net worth clients such as entrepreneurs often use City National Bank for its retail, private, and business services, but RBC's wealth management services are unparalleled. Rather than potentially losing these wealthy clients by forcing them to choose between two banks, RBC and City National now allow them to do all their banking in a single location. Further, clients already using City National and still deciding on a wealth management service can more easily be converted to RBC thanks to the new office arrangement.
Co-Branded Bank Offices
City National Bank and RBC Wealth Management Have Opened a Joint Office
Trend Themes
1. Co-branded Bank Offices - Opportunity for banks to collaborate and create co-branded offices to offer a comprehensive range of services to high net worth clients.
2. Integrated Wealth Management - The integration of banking and wealth management services in a single location allows for a seamless and convenient experience for clients in managing their finances.
3. Client Conversion Strategies - The establishment of co-branded bank offices presents an opportunity to attract existing high net worth clients to new wealth management services.
Industry Implications
1. Banking - Banks can explore collaboration with other financial institutions to create co-branded offices and enhance their service offerings.
2. Wealth Management - The integration of banking and wealth management services in a single location allows wealth management firms to expand their reach and offer a more comprehensive suite of services to clients.
3. Retail Banking - Retail banks can leverage co-branded office arrangements to attract high net worth clients and establish stronger relationships by meeting all their financial needs in one place.