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Private banking

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Private banking
The providing of banking services to very wealthy individuals and families. Many financial services firms require a person or family to have a certain minimum Net worth to qualify for private banking services.
    
Private banking is a term for banking, investment and other financial services provided by banks to private individuals disposing of sizable assets. The term "private" refers to the customer service being rendered on a more personal Basis than in mass-market Retail banking, usually via dedicated bank advisers. It should not be confused with a private bank, which is simply a non-incorporated banking Institution.
    
Historically private banking has been viewed as very exclusive, only catering for High Net worth individuals with Liquidity over $1 million, although it is NOW possible to Open some private bank accounts with as little as $50,000 for private investors. An Institution's private banking division Will provide various services such as wealth management, savings, inheritance and Tax planning for their clients. A High-level form of private banking (for the especially affluent) is often referred to as wealth management.
Posted by  Institute for International Research
 
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