What is the different between consumer & private banking? I know private bank something like credit suisse, ubs and so on right? But actually what is private banking main task?

Private banking is a special service to ease the transactions of high networth people..
Each banks has a minimum amount you need to have in your account to be eligible for private banking services..

where can you get the info either u r eligible for private banking services?

I believe Maybank requires a minimum deposit of RM 100k and higher and keep that amount monthly to qualify for private banking. Plus, this type of customers don't need to queue for any services. Just ring up and show the private banking card and immediate service will be provided right down to serving beverages.

Private or priority banking is usually for the rich and famous (nah...just kidding).
Yeah,it's like explained by Jordy and acbc. It's basically for the niche market.
You have to have a certain amount of investment or deposit with the bank to qualify for the status.
With this status, usually the bank would treat you more friendlier and attend to your request more efficiently.
Check out the bank's website to find out more on how much one needs to commit and also what's the benefits.

Oh, did you guys mean like HSBC Premier Account? Coz I know the hsbc premier need at least RM100K to maintain the acct and for the power vantage need RM75K to maintain also.

But i think is different with that, coz i heard my friend said private banking normally they got banker help you invest into high risk high return fund like hedge fund, american option, forex and futures. But our local malaysia bank i never saw the case like helping people trade this kind of investment even if you're a HSBC premier member, they just suggest you to trade a normal mutual fund like unit trust.

You guys can refer to this bank http://www.sgprivasia.com/gb/SGPAW_Prod_OurAppr.html they seems different like our normal bank.

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Added on October 14, 2007, 11:21 pmUBS also something like private bank http://www.ubs.com , but i'm still not so sure the different this kind of bank compare to our normal bank like hsbc premier, sure they got the difference between it.

This post has been edited by rstusa: Oct 14 2007, 11:21 PM

You can either deposit a large amount of cash as FD or you could use the investment facilities/plans that they offered.
For Citibank if I'm not wrong is RM500k to be their CitiGold Members.
I.e. This RM500k can be FD or you could opt to invest in funds managed by them. They would help you risk profile and advice accordingly.

This post has been edited by b00n: Oct 14 2007, 11:24 PM

rstusa, I think that Vantage Account doesn't mean that you're eligible for private banking..
That account is commercial banking, whereby you register under your company name, not personal account..
HSBC Premier Account sounds more like a private banking, with focus on the priority of the client..
That SG Asia one is not a normal bank, it's more into investment banking where you can go through them to diversify your portfolio..

The difference with private banking is you can do your transactions in a different environment, with a red carpet treatment..
There's not much difference, just the service..
Private/Priority banking doesn't mean it's a different bank..
It's the same bank, but cater for different standard of clients..

Is that private bank help people trade more high risk high reutrn funds?

CIMB also got Consumer Banking and Direct Banking. I also wondering what're their differences.

For priviledge banking (Citigold for Citibank), 300K is enough. Most banks are impose that sum.

No, priviledge banking is as same as normal banking transation, just it is being separated out from normal one, may be got some extra structured product which minimum investment sum of 250K/product.

Banks here are not allowed by BNM to help investors to invest in hedge fund. Also banks launched the structured product which generally is more conservative in nature. Some of the capital guaranteed fund are invest into option market.

While private equity fund is different case.

You mean some private bank offer investment of option market with capital guarantee? I heard one of my friend said he invest fund more than RM100K into american option with private banking, but not sure got capital guarantee or not and he told me every 14 working days got a profit margin around 30%-40% after the deduction of banker commission, bank fees charges and so on.

In other words, it's good to be rich sometimes...

No, what I said is some capital guaranteed UT are investing in option market already, just may be the UT holders doesn't understand. Mostly those are structured.

There are tons of investment tools or derivatives product in the market. But I don't think anyone can invest in option market directly through banks in Malaysia.
If a option can earn 30-40% in 14 days, surely it can be loss out totally also. <-- there is no free lunch in the world, you need to take high risk to get high return.
Better becareful what your friend try to tell you (not to say he is lying or not as if it is a real option, yes, it can earn that much but it also can lose out totally if market condition is not favourable to the option), a lot of scam in the internet also offer 1.5-3% daily one that claimed to be invest in option market also.

But my friend told me he got signed contract under the bank, and the banker also discuss this issue with him in the bank.

actually for capital protected funds, the fund manager invest ur money in options. Usualy they will allocated 90% in zero coupon and the rest in options. thats why u see usualy all those capital protected UT gives u a lower return then the open ended options.

Private banking is a different animal compared to CtiGold, HSBC Premier and Stanchart's Priority banking (all 200k minimum deposit)

In Malaysia, the only bank offfering private banking is CIMB, and min requirement to enter is either RM2 or 3 mil deposits. Private banking is the 'in' thing for the super rich.

Private banking (not priviledge banking) by international standard is the place that they will give out financial advisory for the rich one for the like how to spread your asset, risk management, investment portfolio etc.
Some banks needs at least 2-3 million (USD) so that you are eligible for the private banking.

Locally, I don't know about it much, as only got those priviledge banking centre.

I did enquire before it's RM200k-250k if didnt remember wrongly, Big money. Yes, you dont have to show up to the bank, just one call away and you can even ask them to do your any fav. LOL

I think that is not private banking, just a VIP service.

private banking service's typical requirement is USD 1 million. well known banks offering this service include credit suisse, bnp paribas and deutsche bank. in malaysia there was hsbc private bank but it was closed recently because of our strict regulator's strict requirements so they werent able to sell many products. citbank has its private bank subsidiary in menara citibank jalan ampang. on the local consumer banking side, maybank is the forerunner with its private banking service. ive seen chequebooks inscripted with MAYBANK PRIVATE BANKING on the top left of the cheques. cimb has its private banking service at jalan semantan. im inclined to believe however maybank's private banking service is more of a priority banking service for its mass affluent customers who may also be high networth people rather then the traditional private banking service which include advisory and discretionary portfolios.

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Added on November 14, 2007, 8:50 pmhsbc premier requirement isnt rm 100k. its minimum deposit of rm 200k. same goes to citigold.

This post has been edited by mrcloud9: Nov 14 2007, 08:50 PM

If i do private banking, i won't choose those local bank like maybank, their banking very convienient but i do not like their service, style, very rude!!! Compare to HSBC so far i looking, between their services got a big gap.

Anyone with priority banking experience and wishes to share their experience? Apparently the turnover of RMs at Citibank's Citigold is very and there are too many customers while Stanchart's Priority Banking is too slow. Any comment? Some bank's RMs are very good and efficient too.
List of banks and their priority banking services:

1. Maybank Private Banking
2. RHB Infinity Banking
3. CIMB Club
4. Alliance Bank Privilege Banking
5. Bank Muamalat Prime Banking
6. Public Bank Red Carpet Banking
7. Hong Leong Priority banking
8. Citibank Citigold
9. HSBC Premier
10. OCBC Premier Banking
11. UOB Privilege Banking
12. ABN Amro Van Gogh Preferred Banking
13. Standard Chartered Priority Banking

These banks typically have an entry requirement of deposits worth RM 200,000 - RM 300,000 in order to qualify for their priority services. Some provide complimentary Platinum Credit Cards as well.

Dear all,

Private banking on above statements is true. Hence, Alliance bank just launch a new banking experience called Alliance Personal Club where you will enjoyed VIPs benefits. Eg: Private banking 6 star and Alliance Personal Club is 5 stars service. The nearest branch at Sunway Pyramid and you can looked for me Ronald for more info.

Thanks.

No need to do anything. Drawing from direct experience of people I know, the banks will contact you immediately when you reach the amount needed.
Here is how it goes:
1. Banks contact you saying you are their valued customer and that any problem contact them immediately. The contact person will usually be Branch manager, District/State manager. They will give you their HP number for you for anything you can do. Can call anytime you want but transactions will be done on working hours. Call 3am, will not get it by 4am. Unless its a international bank, where it will divert you to their team which are working during 3am your local time.
2. No forms are needed, basically, they will automatically move you to their VIC (customer) and will keep tabs on you from time to time.

How to get in:
1. Monthly income around Rm20K or your account has at least RM150k with active transactions. Different banks have different accounts. BSN has a lower rate compared to commerce bank like maybank. HSBC will go one better and "find their VIC" by checking your financial details.
*The above is only true for areas where the average bank customer are poor. E.g: If everyone in your area use the bank, and mostly are poor, you alone are rich, then bank will signal you out. If you stay in Damansara for example, make 20k or so, you may not even be eligible yet. It varies by bank, there are no strict procedure.
2. If need to fill forms to get in, then you are not that rich yet Rich people don't have the time or even care to be in the club. Time is money, filling in forms to get into a club that you are actually not worthy is another thing.
3. Prominent people in your community. MP's, Ministers, CEO's etc.

Benefits:
1. Do transactions by phone (no need to do online or go to counter). Priority counter transactions. No need to take number This is also done discreetly. Basically the banks don't want to expose you and you yourself better keep under radar, who knows who is watching you.
2. Cancel/Force Transactions if previous transactions are made. The duration varies from 1 day to 2 weeks grace period form first transaction. If your signature slightly different from template signature, they will call you back to get verification immediately.
3. Get free gifts from lucky draws. Some banks have lucky draws, but for VIC, they can "set" the prizes. No you will not get the mercedes from BSN SSP, but you can choose non-prominent prizes. Its discreet procedure, so people will not notice. No one bothers about the person who won the microwave, everyone will remember for a short period the person who won the car.
4. Get Platinum cards, (though I think this is more of a hassle than benefitt). Platinum cards annual charge fee is RM 600 thereabout, normal credit card only around RM100. Why waste RM 500? The problem is that the banks will keep harassing you until you accept the card. If you are making 20k monthly, why go credit card better go debit card better.