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, private banks focus on building long-term relationships with their clients and often have a more exclusive clientele. These banks typically require a minimum amount of assets to open an account, making them accessible primarily to affluent individuals. Private banks may also offer specialized services such as tax optimization and philanthropic planning, helping clients manage their wealth effectively while achieving their financial goals.