2. What is Private Banking?
Private Banking means a type of the portfolio management services for wealthy people. It is confusing because today many banks (and even independent financial advisors) are offering portfolio management or wealth management services and they call such services “private banking.” However, real Private Banking is not only portfolio/wealth management, but also asset protection from economic and/or political risks. This means Private Banking is not possible under any government that does not fully respect banking secrecy. It is not a kind of service which is possible in everywhere.