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Private banking has many years of history since it early days in Switzerland. In today's terms, we refer to the same thing as wealth management. The old private banks are the likes of UBS AG, Credit Suisse, Pictet etc. The manager who deals directly with the clients are called Private Bankers.
The minimum requirement to open a private banking account start from as low as around USD1million to as high as USD30million. Most Private Banks, will be willingly to accept a client with bankable asset of around USD1million onwards, with the potential to growth further.
These days , due to the growing affluence in many countries, bank had tried to target this mass affluent , by launching a lower minimum account opening balance for this group of people. This will come under personal banking, and the banker that deals directly with client will be called personal banker. The minimum can be as low as USD20,000 or even lower in some cases. Some Banks also term this as Priority Banking.
An investment size of USD250,000 for a FX deal is very common in Private Banks, bankers fly over to the home country of their clients to see them. And usually a Private Bankers has at most 50 clients.
An investment size of USD250,000 for a FX deal is rare in Personal Banking, banker dont fly over to see their offshore clients, except in some cases travel locally to meet their clients. And usually a Person Banker can have as many as 100-300 clients. Client with client around USD20,000- USD500,000 with the bank being the norm.
Wiki User
∙ 15y ago
Wiki User
∙ 9y agoThe main difference between a commercial bank and a private bank is the involvement of the central bank. In a private bank, the central bank does not have any stakes like it does in commercial banks.
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