Description: Day in the Life Working in Private Equity / Credit as an Analyst, Citi Private Bank: Private Banking for Global Citizens, Day in the Life of a Corporate Banker | J.P. Morgan, A Banker's Career Advice for Young Adults
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Private banks are banks owned by either an 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 ).