Private banks are financial institutions that offer personalized banking services to high-net-worth individuals and families. They provide a range of services, including wealth management, investment advice, and estate planning, tailored to meet the specific needs of their clients. Unlike commercial banks, which serve the general public, private banks focus on building long-term relationships with their clients. These banks often have a more exclusive clientele and may require a minimum amount of assets to open an account. Private banks also offer specialized services such as tax planning and philanthropic advice, helping clients manage their wealth effectively while considering their financial goals and values.