Private Bank

Private banks are financial institutions that are owned either by an individual or by general partners with limited partners. Unlike incorporated banks, private banks do not have a separate legal entity. In such cases, creditors have the ability to claim not only the assets of the bank itself but also the assets of the sole proprietor or general partners. The term "private bank" can also refer to a financial institution that specializes in providing financial advice and services specifically tailored for high-net-worth individuals, known as private banking.