Private banking is a type of banking and financial service provided by banks to high net worth individuals who have enormous amounts of assets normally in cash and the term "private" refers to the private customer service offered to such individuals.
Generally all private banks have a minimum balance requirement and is usually about £1,000,000 although some can be lower.
Below is a list of private banks :-
- Credit Suisse is probably one of the most famous banks and is portrayed at the end of the movie "Swordfish". They have branches in many countries including the UK.
- Coutts is part of the Royal Bank of Scotland; focuses primarily on wealth management and financial advisory services. It was founded in 1692 and has the British Royal family as one of it's clients. At least £1,000,000 in investable assets (not including real estate) is required to become a client.
- Schroders was established in 1804 and specialises in asset management.
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