City National Bank has hired Sherman S. Loo as senior vice president in the bank's downtown Los Angeles commercial banking center.
He will be in charge of developing business in the Asian and Pacific Rim markets and private banking and middle-market banking in Southern California. He will work with other departments, including international and City National Investments, to develop new business, the bank said in a news release.
Mr. Loo was a vice president of Union Bank of California in Los Angeles, where he helped establish a department dedicated to Pacific Rim business. He is the second international executive recently to quit the bank, a unit of Bank of Tokyo-Mitsubishi Ltd., and join another institution. Last month Sanwa Bank of California hired Henry J. Jurgens from Union with a mandate to expand international activities.
City National, a $4.7 billion commercial bank, has 33 offices throughout Los Angeles, Orange, San Diego, Riverside, and Ventura counties.