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The Warsaw Voice » Business » September 30, 2009
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Private Banking: Targeting the Rich
September 30, 2009   
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As Poles grow richer, private banking is gaining popularity in Poland. Such services are now provided by almost all retail banks in the country. Private banking is a term used for services for the wealthiest private customers. Services include special deposit accounts, and investments in securities, precious metals, real estate and even works of art. The latter service is called art banking.

European banks offer private banking services to individuals with assets worth at least 1 million euros. In Poland, the requirement is lower-disposable assets of zl.500,000. Some banks are keen to attract not just the wealthiest but also people who have a well-established professional or social position, like artists and scientists.

There were around 12,500 millionaires in Poland at the beginning of 2009. If each of them had exactly zl.1 million, their combined assets would be worth zl.12.5 billion. In fact, they are worth much more. According to the Gdańsk Institute for Market Economics, the total value of assets accumulated by people who keep at least zl.1 million in banks is zl.70-80 billion. This is the money the private banking sector wants to attract.
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