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Private banks are banks which are not incorporated, and hence the entirety of their assets is available to meet the liabilities of the bank. These banks have a long tradition in Switzerland, dating back to at least the revocation of the Edict of Nantes (1685). However most have now become incorporated companies, so the term is rarely true anymore. Although not termed "banks" privately-owned digital gold currency providers, such as e-gold and GoldMoney, may be used as a substitute for a private bank. The First Provincial Bank of Taiwan in Taipei, Republic of China was formerly the central bank of Taiwan Province and issued the New Taiwan dollar. ...
Incorporation (abbreviated Inc. ...
The Edict of Fontainebleau (October 1685) was an edict issued by Louis XIV of France. ...
Events February 6 - James Stuart, Duke of York becomes King James II of England and Ireland and King James VII of Scotland. ...
e-gold is, according to their website, 100% backed by gold Digital gold currency (or DGC) is a form of electronic money denominated in gold weight. ...
e-gold is a digital gold currency operated by Gold & Silver Reserve Inc. ...
GoldMoney is a digital gold currency founded in 2001 by James Turk. ...
Private banking is a term which refers to major institutional banks which offer financial services to private individuals. These banks would normally have two distinct divisions - private banking, and corporate banking. A corporation is a legal person which, while being composed of natural persons, exists completely separately from them. ...
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 no more than $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 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. ...
The largest private banking division is at UBS AG, and the most profitable private banking division is at Merrill Lynch. UBS AG (NYSE: UBS; SWX: [1]; TYO: 8657 ) is a financial services company, headquartered in Basel and Zürich, Switzerland. ...
Merrill Lynch & Co. ...
Scale Private banking institutions showed an increase in profits and assets under management in 2004 following a period of slow growth between 2000 and 2003 caused by declines in equity markets and the slowdown of the global economy. According to Scorpio Partnership’s annual Private Banking Benchmark study, pre-tax profits of 120 private banks in their study grew 30% in 2004 while their assets under management rose 13% to $6 trillion. More recent data shows that the top 25 private banks increased their assets by a further 7% in local currency terms in the first six months of 2005. According to Goldman Sachs, the flow of capital to private banking will increase by about 7% a year until 2007. After several years of decreases, private banking employment increased by 3.8% in 2004.[1]
Switzerland is a major location for private banking. Swiss banks hold an estimated 35% of the world's private and institutional offshore funds, or 3 trillion Swiss francs [2]. Swiss banks are world-renowned for their stability, privacy and protection of clients. ...
The factual accuracy of this article is disputed. ...
See also 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 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. ...
Swiss banks are world-renowned for their stability, privacy and protection of clients. ...
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