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Private Bank

Private Bank Meaning:
A private bank is a type of financial organization that offers specialized financial advice and wealth management services to protect, grow and manage the financial wealth of the wealthy or high net-worth clients of the organization. As part of the service, the financial organization encompasses a comprehensive range of wealth management services to meet the individual and business needs of their clients, who have access to a much more personal level of service than conventional retail banking.

Private Bank Example:
In a private bank, clients will be given access to a vast number of services, ranging from access to local investment expertise, real estate planning, customized financial solutions, investment opportunities and wealth planning, which retail clients will not have access to. Clients need to meet a certain minimum criteria to qualify for these services, which may differ in different organizations and in different regions. Swiss private banks are also popular with several affluent individuals because of the additional advantages they provide, like high levels of privacy and lower risk.