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The term private bank refers to a bank that offers private banking services and in its legal form is a partnership. [97] The first private banks were created in St. Gallen in the mid-18th century and in Geneva in the late 18th century as partnerships, and some are still in the hands of the original families such as Hottinger and Mirabaud. [97]
For example, the growth of HNWIs is low in traditional private banking markets such as Europe, compared with Asia where the number of millionaires has grown to 3.6 million. [8] Banks also provide some private banking services at a lower price than traditional private banking. These are called premium banking or priority banking services.
Private 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.
Union Bancaire Privée (UBP SA) is a private bank and wealth management firm headquartered in Geneva. UBP is one of the largest private banks in Switzerland, and serves private and institutional clients. The bank was founded in 1969 by Edgar de Picciotto.
Union Bank of Switzerland (UBS) [a] was a Swiss investment bank and financial services company located in Switzerland. The bank, which at the time was the second largest bank in Switzerland, merged with Swiss Bank Corporation in 1998 to become UBS. This merger formed what was then the largest bank in Europe and the second largest bank in the world.
English is widely spoken as a second language across Switzerland, and many Anglophone migrants live in Switzerland. It is often used as a lingua franca as Switzerland has four official languages. Because of this, English is often used in advertisements in Switzerland, [ 7 ] and many businesses and companies in Switzerland, even if they only ...
Each bank uses a distinctive motif as the logo, with a cantonal colour on white used as the colours of the bank, e.g. light blue for Zürcher Kantonalbank (Zurich Cantonal Bank). Despite appearances, cantonal banks are not small private banks: in fact two of them, the Zürcher Kantonalbank and the Banque cantonale vaudoise , are the second and ...
The Swiss Private Bankers Association is a Swiss trade association made up of banking institutions that meet the legal definition of a private banker according to Swiss law. It is based in Geneva , Switzerland, and currently has six members.