That's not right. Private Banks worldwide require a minimum of USD 1 million to open the account. But of course, you'd be a small fry with the private bank with this kind of amount. Most have at least USD 5 million in their accounts.

In Malaysia, HSBC used to have its Private Bank business in Damansara Heights but closed down due to limited products theyre able to offer (Bank Negara regulations).

Citigroup still has its Private Bank business in Malaysia in their Jalan Ampang office.

Note however Private Banks do NOT have transactional banking services which means no current account / savings account / credit cards / loans etc. They specialize in investments and structured products.

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Added on October 17, 2009, 10:42 amEven if someone is a CIMB Private Bank client, they are still accorded the CIMB Preferred status at branch level as CIMB Private Bank doesn't provide retail and transactional banking at branch level.

To be a CIMB Private Bank customer, you need to start with RM 1 million ringgit in investments.

This post has been edited by rockefeller: Oct 17 2009, 10:42 AM

At current market condition, most private banks are more than willing to welcome new clients even with just USD 1 million to start with. Now is not the time for them to hold their head so high.

The private banks i meant here include UBS, Credit Suisse, Goldman Sachs, HSBC Private Bank and Citi Private Bank. Based in Singapore.

now cimb preferred is offering pre approved platinum cards still or they offer pre approved visa infinite and world mastercard?

how substantial is substantial?

500k for public bank's red carpet banking? that's mad. and their priority banking service is no where compared to maybank's private banking or cimb club! rubbish!

All Priority Banking customers are granted free for life platinum cards right? or in some cases infinite or world cards. Are these cards pre approved or subject to normal credit processing?

The latest I hear Maybank has revised its Private Banking minimum deposit criteria to at least RM 500,000. Can anyone confirm this?

If your deposit is above the threshold fixed by Maybank, you have access to the Private Wealth Management team and they can tailormade investment product to your needs. A little bit like the service offered by UBS in Singapore. Every now and then too, there are structured investments product exclusive to Private Banking clients.

Other perks include preferential rates and consideration for any financing facility (just like any other bank's priority banking). Half price for safe deposit and lots more. They don't bag the best Private Banking awards for no reason surely

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Added on December 30, 2010, 12:54 amUSA no UK yes.

This post has been edited by rockefeller: Dec 30 2010, 12:54 AM

this depends on your needs. i know a few who has millions but opt to remain in normal consumer without banking.