Private Banking

Private banking is a classification for those entities offering banking, investment and other financial services to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking environment, usually via dedicated bank advisers.  An institution's private banking division will provide various services such as wealth management, savings, inheritance and tax planning for their clients

Banks which conduct business solely with non-residents are designated non-resident for exchange control purposes and are not allowed to offer services to residents without the approval of the Central Bank, thus enabling a clear differentiation between the domestic and offshore sectors, and ensuring effective conduct of domestic monetary policy.