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Encyclopedia > Private banking

Private banking is done by major institutional banks known as private banks, which offer financial services to private individuals. These banks would normally have two distinct divisions - private banking, and corporate banking. Private banks are banks which are not incorporated, and hence the entirety of their assets is available to meet the liabilities of the bank. ... Corporate redirects here. ...


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. An institution's private banking division will provide various services such as wealth management, savings, inheritance and tax planning for their clients. High net worth individual (or HNWI) is a term used in private banking to describe an individual with a high net worth. ...


The word "private" also alludes to bank secrecy and minimizing taxes via careful allocation of assets. An offshore bank account may be used for this purpose. Bank secrecy (or bank privacy) is a legal principle under which banks are allowed to protect personal information about their customers, through the use of numbered bank accounts or otherwise. ... An offshore bank account is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages. ...

Contents

Private bank rankings

The world's best private banks: Euromoney's annual private banking awards rank private banks and wealth management services by assets under management, profitability, ratio of clients to relationship managers and services offered. Results provide a qualitative and quantitative review of private banking services across a number of categories. Assets under management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to guage how much money they are managing. ...


The top 20 global banks in the 2006 results reported increases in asset under management, with UBS Wealth Management succeeding in increasing AUM by 19%.


"A poll of the heads of business at the top 20 global private banks reveals three key determinants for the increase in AUM: improved portfolio performance, development of onshore business, and use of investment banking ties to attract a larger share of a client’s wallet. Assets under management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to guage how much money they are managing. ...


With almost 68% of private banks charging percentage fees based on AUM, increased assets have resulted in improved profitability. Universal banking groups have therefore realized the value that private banking can offer."


Best private bank for ultra high net worth ($30m+) 2006. This table displays results of one category of the Private banking awards. [1] 2007 Awards released January 2007.

Rank 06 Company Rank 05
1. Merrill Lynch 1
2. Goldman Sachs 3
3. UBS 2
4. Citigroup Private Bank 4
5. Credit Suisse Private Banking 5
6. HSBC Private Bank 7
7. Pictet & Cie 6
8. JPMorgan Chase n
9. Rothschild Bank 8
10. ABN Amro Private Banking 10

Ranking: 'n' denotes 'nominated' Merrill Lynch & Co. ... Goldman Sachs offices at the Fraumünsterplatz in Zürich (the light-colored building on the left) The Goldman Sachs Group, Inc. ... UBS can refer to: UBS AG, a banking group Unbundled Bitstream Services United Building Society - the name of several financial institutions in different countries around the world. ... The Citigroup Private Bank provides personalized wealth management services for affluent clients who include many of the world’s most influential entrepreneurs, families and senior corporate executives. ... The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. ... HSBC Holdings PLC (匯豐控股有限公司) (NYSE: HBC, LSE: HSBA, HKEx: 005, Euronext: HSBC) is one of the largest banking groups in the world. ... JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. ... N. M. Rothschild and Sons is the investment bank company of the Rothschild family. ... ABN AMRO (Euronext: AAB, NYSE: ABN) is one of the largest banks in the Netherlands and has operations all over the world, its history going back to 1824. ...


Scale

According to Scorpio Partnership's Annual Private Banking Benchmark for 2006, the largest private banking division is at UBS AG, followed by Citigroup and Merrill Lynch, each of these institutions gathering more than $1 trillion in assets under management for private clients[2]. UBS AG (NYSE: UBS; SWX:UBSN; TYO: 8657 ) is a financial services company, headquartered in Basel and Zürich, Switzerland. ... Citigroup Inc. ... Merrill Lynch & Co. ...


Private banking institutions showed an increase in profits and assets under management in 2006 following a period of slow growth by 3.8% in 2004[3].


Switzerland is a major location for private banking. Swiss banks hold an estimated 35% of the world's private and institutional offshore funds, or 4.6 trillion Swiss francs[4]. Swiss banks are world-renowned for their stability, privacy and protection of clients. ... ISO 4217 Code CHF User(s) Switzerland, Liechtenstein, Campione dItalia Inflation 1. ...


References

  1. ^ Euromoney magazine. January 2006. Annual rankings. [1]
  2. ^ Scorpio Partnership Benchmark 2006, Press Release and summary [2]
  3. ^ City Business Series, March 2006, International Financial Services London [3]
  4. ^ Open a bank Account in Switzerland [4]

See also


  Results from FactBites:
 
Citi Private Bank: Welcome (160 words)
A gateway to the resources of Citi, the Private Bank provides comprehensive investment and banking options.
Citi has been named the "Best Bank in Singapore" and the "Best Bank in Asia" by Euromoney in their 2007 awards.
"Citi Private Bank" is a business of Citigroup Inc. ("Citigroup"), which provides its clients access to a broad array of products and services available through bank and non-bank affiliates.
  More results at FactBites »

 
 

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