Private Banking

Glossary

Banking

Private Banking

Private banking is a service that includes investment, banking and other financial services provided by banks to individuals with high networth , their families and the family trusts. The word ‘private’ in the term refers to customer service that is delivered on a much more personal basis than in mass-market retail banking. Private banking describes the provision of tailored, personalised and discrete financial services to high net worth and ultra high net worth individuals. Private banks offer standard banking services, wealth management advisory (financial planning, wealth preservation), discretionary and non-discretionary investment advisory and portfolio management, philanthropy planning as well as a range of concierge service such as hospitality facilitation (making travel arrangements, arranging hotel reservations and securing upgrades, making restaurant reservations, obtaining tickets to shows, and arranging exclusive shopping trips).

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