Royal Bank of Canada – the largest Canadian bank – injected about $2.95 billion into its American unit City National Bank since the beginning of this year to strengthen its capital.

According to a regulatory disclosure on Monday, the American bank added that it recorded net losses of $1.59 billion during the first three quarters of the year, according to Reuters.

"Kelly Coffey," CEO of City National Bank, said the capital injection aims to strengthen the capital and liquidity position on the balance sheet, while also being used to repay high-cost borrowing.

Royal Bank of Canada (New York: RY) indicated in September that it injected capital into City National Bank – acquired in 2015 – without going into details, following the regional banking crisis in the United States.