Private bank

Private banks are the banks owned by either the individual or a general partner(s) with limited partner(s). Private banks are not incorporated. 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, but most have now become incorporated companies, so the term is rarely true any more. Today, the term "private bank" can also refer to the financial institution specializing in financial advice and services for high-net-worth individuals (private banking).

"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.

Notable private banks

This list contains two types of banks:

• Unincorporated banks owned by either an individual or a general partner(s) with limited partner(s).
• Incorporated banks specialized in wealth management for high-net-worth individuals.

Germany

Schwäbische Bank (now part of M.M.Warburg)

• Delbruck Bethmann Maffei, Frankfurt, founded in 1748; a member of ABN AMRO
• M. M. Warburg & Co., Hamburg, founded in 1798
• Sal. Oppenheim, Cologne, founded in 1789; a member of Deutsche Bank

See also

• Bank secrecy
• Family office
• Offshore bank
• Public bank
• Swiss bank

References

External links

• Swiss Private Bankers Association