City National Bank, a subsidiary of Royal Bank of Canada (RBC), has appointed Alma Banuelos as the head of two complementary trust businesses at RBC Wealth Management-U.S. and City National Bank.
Based in Los Angeles, Banuelos will head RBC’s state-chartered Delaware trust company and City National’s nationally chartered trust business. She will report to City National private banking division executive vice president Michael Pagano.
The two businesses are responsible for administering significant assets for clients of City National Bank, RBC Wealth Management-U.S. and other leading wealth management firms. The businesses employ advisers with expertise in real estate trust management, special needs trust administration and estate settlement.
Banuelos has an experience of over 25 years in offering trust services to wealthy families. She most recently served as a Southern California trust executive for U.S. Trust.
RBC Wealth Management-U.S. CEO Michael Armstrong said: “We’re extremely pleased to have Alma leading our trust groups and helping us further our commitment to serving families. Alma’s experience and leadership skills will help the two grow together, encourage collaboration and leverage our capabilities across both platforms.”