City Bank has formed a new investment services division to handle the personal finance needs of bank customers. City Bank adds investments
By Rick Daysog
rdaysog@starbulletin.comThe 21-branch bank said it named former Pacific Century Trust executive Royce Sonnenberg to head the new division, which will provide investment, financial planning, estate planning and tax planning services.
The move attempts to take advantage of recent changes in federal banking laws that abolish the decades-old barriers separating banks, insurance companies and stock brokerages, the bank said.
"This new offering signals our bank's commitment to become more of a one-stop shop for a full range of financial services," said Ronald Migita, City Bank's chief executive officer and vice chairman. "Our commitment to being the premier financial services company in Hawaii means we need to adjust with the times."
City Bank, with assets of $1.7 billion, said it is partnering with a North Carolina-based company, UVEST Investment Services, to offer new financial products such as stocks, bonds, mutual funds and annuities.
UVEST has partnered with more than 150 financial institutions nationwide.
Sonnenberg, who was named senior vice president of City Bank's new investment division, previously was manager of Pacific Century's personal trust department.
A lawyer by training, Sonnenberg was a Pacific Century employee for 12 years.
