PRIVATE BANKING NEWS

Private banking is banking, investment and other financial services provided by banks to high-net-worth individuals with high levels of income or invest sizable assets. The term "private" refers to customer service rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers. It does not refer to a private bank, which is a non-incorporated banking institution... Historically, private banking has been viewed as a very exclusive niche that only caters to high-net-worth individuals (HNWIs) with liquidity over $2 million, though it is now possible to open private banking accounts with as little as $250,000 for private investors. An institution's private banking division provides services such as wealth management, savings, inheritance, and tax planning for their clients. For private banking services clients pay either based on the number of transactions, the annual portfolio performance or a "flat-fee", usually calculated as a yearly percentage..