Can I offer private banking services

Individuals and companies that wish to offer private banking services are able to do so through acquiring the relevant banking license in their desired jurisdiction. Private banking services specifically target high net worth individuals who seek assistance and guidance with regards to handling their wealth and assets.

The scope of private banking

Individuals and companies that want to offer their clients private banking services must become fully licensed and regulated by the financial regulatory body the relevant jurisdiction. Individuals and companies must obtain the relevant license in order to become a fully functional financial institution that offers private banking services.

The primary purpose of a private bank is to appropriately guide clients by offering a range of services that the client may require. Offering private banking services will prove highly advantageous as it is a refined service that is only available to high-net-worth individuals. Therefore by offering private banking services, the bank will be generating a wider pool of income, as they will be dealing with larger sums of money.

Private banking services can include mortgages, insurance schemes and pensions, amongst other services. Offering private banking services is a wise step, as it enhances the reputation of the bank as well as enables the entity to offer a broad range of services to their clients.

In order to become a fully regulated private banking entity, the bank is required to obtain the relevant banking license. This includes filing the necessary documents, as well as completing the official bank licensing application, and submitting these documents to the jurisdictional regulatory authority.