Private bank
Encyclopedia
Private banks are bank
s that are not incorporated
. A private bank is owned by either an individual or a general partner(s) with limited partner(s). In any such case, the creditors can look to both the "entirety of the bank's assets" as well as the entirety of the sole-proprietor's/general-partners' assets.
These banks have a long tradition in Switzerland
, dating back to at least the revocation of the Edict of Nantes (1685). Private banks also have a long tradition in the UK where C. Hoare & Co.
has been in business since 1672. There were many private banks in Europe. However most have now become incorporated companies, so the term is rarely true anymore.
"Private banks" can also refer to non-government owned banks in general, in contrast to government-owned (or nationalized) banks, which were prevalent in communist, socialist and some social democratic states in the 20th century. Private banks as a form of organization should also not be confused with "Private Banks
" that offer financial services to high net worth individual
s and others.
.
Incorporated banks
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s that are not incorporated
Incorporation (business)
Incorporation is the forming of a new corporation . The corporation may be a business, a non-profit organisation, sports club, or a government of a new city or town...
. A private bank is owned by either an individual or a general partner(s) with limited partner(s). In any such case, the creditors can look to both the "entirety of the bank's assets" as well as the entirety of the sole-proprietor's/general-partners' assets.
These banks have a long tradition in Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
, dating back to at least the revocation of the Edict of Nantes (1685). Private banks also have a long tradition in the UK where C. Hoare & Co.
C. Hoare & Co
C. Hoare & Co. is England's oldest privately owned banking house. Founded in 1672 by Sir Richard Hoare, C. Hoare & Co. remains family owned and is currently managed by the 11th generation of Hoare's direct descendants....
has been in business since 1672. There were many private banks in Europe. However most have now become incorporated companies, so the term is rarely true anymore.
"Private banks" can also refer to non-government owned banks in general, in contrast to government-owned (or nationalized) banks, which were prevalent in communist, socialist and some social democratic states in the 20th century. Private banks as a form of organization should also not be confused with "Private Banks
Private banking
Private banking is banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers...
" that offer financial services to high net worth individual
High net worth individual
A high-net-worth individual is a person with a high net worth. In the private banking business, these individuals typically are defined as having investable assets in excess of US$1 million. As explained below, the U.S...
s and others.
List of private bank
This list contains private banks and incorporated banks specialized in private bankingPrivate banking
Private banking is banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers...
.
Switzerland
Private banks (Family owned banks)- Baumann & Cie, founded in 1920
- Bordier & Cie, founded in 1844
- E. Gutzwiller & Cie., founded in 1886
- Gonet & Cie, founded in 1845
- Landolt & Cie, founded in 1780
- La Roche & Co., founded in 1787
- Lombard Odier Darier Hentsch & Cie, founded in 1796
- Mirabaud & Cie, founded in 1819
- Mourgue d'Algue & Cie, founded in 1869
- Pictet & CiePictet & Cie-Pictet & Cie, Private Bankers, Geneva, Switzerland:Founded in 1805 in Geneva, Pictet & Cie is today one of Switzerland's largest private banks, and one of the premier independent asset management specialists in Europe...
Official Site, founded in 1805 - Rahn & Bodmer Co., founded in 1750
- Reichmuth & Co., founded in 1995
- Wegelin & Co., founded in 1741
Incorporated banks
- Bank Julius BärJulius Baer GroupJulius Bär Group is a Swiss banking firm which is the parent company of Bank Julius Bär, a traditional private bank based in Zurich, Switzerland. The firm dates itself back to the year 1890, when an exchange office was founded by Ludwig Hirschhorn und Theodor Grob. Joseph Michael Uhl and Julius...
, Zurich, founded in 1890 - Banque privée Edmond de RothschildBanque privée Edmond de RothschildBanque Privée Edmond de Rothschild S.A. is a private bank headquartered in Geneva, Switzerland. It is exclusively dedicated to wealth management for private and institutional clients. It is a part of Edmond de Rothschild Group. It is listed on the Swiss Exchange...
, Geneva, founded in 1923; a member of Edmond de Rothschild Group - Clariden LeuClariden LeuClariden Leu is a Swiss private bank based in Zurich, Switzerland. Following the merger of the four Credit Suisse private banks: Clariden Bank, Bank Leu, Bank Hofmann, and BGP Banca di Gestione Patrimoniale together with the securities dealer Credit Suisse Fides on January 26, 2007, Clariden Leu is...
, Zurich, founded in 1755; a member of Credit SuisseCredit SuisseThe Credit Suisse Group AG is a Swiss multinational financial services company headquartered in Zurich, with more than 250 branches in Switzerland and operations in more than 50 countries.-History:... - Union Bancaire PrivéeUnion Bancaire PrivéeUnion Bancaire Privée was founded in 1969 by Edgar de Picciotto. UBP, one of the most highly capitalized private banks, is a major player in the field of asset management in Switzerland with over $75 billion of assets under management....
, Geneva, foudned in 1969
France
- Compagnie Financière Edmond de RothschildCompagnie Financière Edmond de RothschildCompagnie Financière Edmond de Rothschild is an independent and family private bank in France. Established by Edmond Adolphe de Rothschild in 1953, it has been directed since 1999 by his son, Benjamin de Rothschild...
, Paris, founded in 1953; a member of Edmond de Rothschild Group
Germany
- Delbruck Bethmann MaffeiBethmann bankDelbrück Bethmann Maffei AG is a private bank headquartered in Frankfurt am Main. It's a subsidiary of the Dutch bank ABN AMRO and was created in 2004 from a merger of the banks Bankhaus Delbrück & Co and Bethmann-Maffei...
, Frankfurt am Main, founded in 1748; a member of ABN AMROABN AMROABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break up of ABN AMRO Group by a banking consortium consisting of Royal Bank of Scotland Group, Santander and Fortis... - Sal. OppenheimSal. OppenheimSal. Oppenheim jr. & Cie. AG & Co. KGaA is a European Private Bank, currently headquartered in Cologne, Germany. It manages and administers €138 billion of assets and employs around 3,800 employees in more than 30 sites in Germany and Europe...
, Cologne, founded in 1789; a member of Deutsche BankDeutsche BankDeutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
Liechtenstein
- LGT Bank, Vaduz, founded in 1920; owned by Princely House of LiechtensteinPrincely Family of LiechtensteinThe Liechtenstein dynasty, from which the principality takes its name, is the family which reigns by constitutional, hereditary right over the nation of Liechtenstein...
United Kingdom
- Cater Allen, London, founded in 1816: a member of Santander
- Coutts & Co., London, founded in 1692; a member of Royal Bank of ScotlandRoyal Bank of ScotlandThe Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
- C. Hoare & Co.C. Hoare & CoC. Hoare & Co. is England's oldest privately owned banking house. Founded in 1672 by Sir Richard Hoare, C. Hoare & Co. remains family owned and is currently managed by the 11th generation of Hoare's direct descendants....
, London, founded in 1672 - Duncan Lawrie, London, founded in 1860; a member of Camellia Plc Group
- Kleinwort BensonKleinwort BensonKleinwort Benson is a leading Private Bank that offers a wide range of financial services to private and corporate clients from offices throughout the United Kingdom and Channel Islands. The bank has its headquarters on St George Street in Mayfair, and is supported by seven UK regional and two...
, London, founded in 1786; a member of RHJ InternationalRHJ InternationalRHJ International is a holding company based in Belgium. The company, previously known as Ripplewood Holdings Japan, was a private equity fund run by Ripplewood Holdings prior to being listed on the Euronext. Timothy C. Collins, the founder of Ripplewood, is the company's largest shareholder and...
See also
- Private bankingPrivate bankingPrivate banking is banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers...
- Wealth managementWealth managementWealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...
- Family officeFamily officeA family office is a private company that manages investments and trusts for a single wealthy family. The company's financial capital is the family's own wealth, often accumulated over many family generations. Traditional family offices provide personal services such as managing household staff and...
- Bank secrecyBank secrecyBank secrecy is a legal principle in some jurisdictions under which banks are not allowed to provide to authorities personal and account information about their customers unless certain conditions apply...
- Offshore bankOffshore bankAn offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction that provides financial and legal advantages. These advantages typically include:...
- Swiss bank