Encyclopedia > Private Banking

  Article Content

Private Banking

Private Banking is a word which covers both all of the services which Banks give to individuals usually with liquid wealth of above 1 million dollars, and also the division of that entity which does checking, savings, and loans for that clientle.

The word "private", in private banking is mostly a refrence to minimizing taxes via careful allocation of assests. Offshore bank[?] accounts can be used for this purpose.

Private Banking usually combines trust services, investment services, banking services, and tax services.

The largest private bank is Union Bank of Switzerland.

As of 2000, the amount on deposit with private banks in the world was about 1.3 x 1013[?] (13 trillion) dollars. To put that in perpective, the amount of assets that the largest United States bank has was about 1.3 trillion, and the total amount of money in the United States at the time was 6 trillion.

Switzerland is the major location of private banking. As of this writing (2003), it has about 2 trillion in assests under management, which is about one third of all offshore money.

List of Marketing TopicsList of Management Topics
List of Economics TopicsList of Accounting Topics
List of Finance TopicsList of Economists



All Wikipedia text is available under the terms of the GNU Free Documentation License

 
  Search Encyclopedia

Search over one million articles, find something about almost anything!
 
 
  
  Featured Article
1904

... February 20 - Alexei Kosygin[?], Premier of the Soviet Union[?] (+ 1980) February 25 - Adelle Davis[?], nutritionist, writer (+ 1974) February 29 - Jimmy Dorsey, ...

 
 
 
This page was created in 44.4 ms