The concept of private banks is not a new one, with the first known private bank dating back to the 1600s in Switzerland. Private banks allow individuals and corporations to have a more tailored experience due to the smaller client base of these banks. They offer a wide range of services to their clients, including wealth management, estate planning, tax planning, and more. Each service is also often tweaked specifically for the client’s needs and financial goals.
Read on to discover some of the largest privately owned banks across the globe, and learn what they do differently than other banks. For example, the privately owned bank mentioned here specializes in institutional, commercial, mortgage, and personal banking.
Let’s go over our pick for the largest privately owned banks in the world:
1. UBS
UBS is consistently ranked as among the largest privately owned banks on many sites, including Investopedia’s top 10 private banks list. Specializing in global wealth management, corporate and consumer banking, asset management, and investment banking, the firm is one of many high networth individuals’ banks of choice.
UBS also has some pretty old roots, dating back to the 1800s. The bank was founded in 1862 in Zurich, Switzerland, and now operates in over 50 countries. It is estimated that they have $1.1 trillion in assets under their management.
2. BOK Financial Corporation
With just over $50 billion in assets, BOK Financial Corporation is one of the largest privately owned banks in the United States and is ranked among the top 25 overall when it comes to banks in the country.
Founded in 1910 in Tulsa, Oklahoma, BOK Financial Corporation is also one of the largest banks in the American Midwest, and possibly the largest privately owned bank in the midwest.
3. First National Bank (of Pennsylvania)
Founded just 2 years after UBS was, the First National Bank of Pennsylvania is one of the largest privately owned banks in the Northeast of the United States, and has over 350 branches across six states in the country.
With over $38 billion in assets under their management, they are one of the largest privately owned banks in the country.
4. Goldman Sachs
With $2.15 trillion in assets under their management, Goldman Sachs is one of the largest banks in the world to offer private banking services, and are among the favorite banks to use for high-networth individuals. According to Investopedia, they typically require customers to open an account with at least $10 million.
Additionally, Goldman Sachs has some old roots, established in 1869 in New York. Today, they have a presence all over the globe. If you’re interested in learning more about Goldman Sachs and the various forms of banking they offer, check out their website here.
5. HSBC
HSBC, or Hongkong and Shanghai Banking Corporation, is a financial services company founded in Hong Kong but owned by Britain, designed to facilitate overseas trade between Europe and Asia. Operating in over 60 countries today, the bank is a staple of conducting trade between the two regions.
They are the largest bank owned by a country in Europe, with $2.95 trillion in assets under its management.
Of course, the bank you choose may not be one of these on our list. Depending on your financial needs, private banking may be the best fit for you, or you may want to look into commercial banking or investment banking.
