Overview of Private Bank
A private bank is one, which is not supposed to be incorporated. The private banks are normally held by individuals. At times these banks are also held by one or more general partners along with a single limited partner or a group of limited partners.
The financial status of the private banks can be judged either by the assets held by the particular bank or by looking at the assets that are owned by the owners and the shareholders.
The term, private banks, is also used in order to denote the banks that were either not owned by governments or had not been nationalized.
Tradition of Private Bank
Switzerland has had a long tradition of having private banks. The first private banks in Switzerland were established around the 17th century.
Most of the private banks in Switzerland are now legally maintained business entities. This means henceforth they cannot be called private banks. The number of private banks operating in the United States of America is relatively small.
One of the leading private banks of the United States of America is Brown Brothers Harriman & Co. This private bank is a general partnership. It has almost thirty members.
There were a lot of private banks in the last hundred years in the following types of societies:
List of Leading Private Banks
Following is a list of some of the best private banks of the world:
Adam and Company
Arbuthnot Latham & Co
Bankhaus Reuschel & Co.
Brown, Shipley & Co.
Merck Finck & Co.
Child & Co
Citi Private Bank
Spenser & Charles
Adam and Company is headquartered at Edinburgh in Scotland, United Kingdom. It was established in the year 1983. It deals in financial services. The headquarters of Arbuthnot Latham & Co are at Moorgate in London. It is regarded as one of the twelve accepting houses of the United Kingdom.
Bankhaus Reuschel & Co. was established in 1947. From the year 1970 the bank was a part of Dresdner Bank AG Group. Six years ago it became a part of Allianz Group. Brown, Shipley & Co is headquartered at London. It is one of the oldest private banks of the United Kingdom.
Last Updated on : 1st July 2013