Private Banking Sheds Old Image; Money Mail
Byline: CLARE VINCENT
BANK of Scotland is to launch a new private banking service in April for wealthy customers.
Called InParallel Solutions, it aims to move away from the exclusive 'champagne and chandeliers' image of private banking and offer a more accessible, inclusive service based on a one-to-one relationship between customers and their own bank manager.
UK private banks currently manage [pounds sterling]811 billion for 1.9 million people, but the Bank of Scotland says its own research
shows that demand for private banking will double over the next four to five years. There are around five million people with liquid assets of more than [pounds sterling]50,000.
By 2002, it is predicted that this number will rise to nine million.
Many people with assets of [pounds sterling]100,000-plus are attracted to private banks because of the personal attention they receive as well as the opportunity to have all their finances in one place. But customers can pay hefty charges for the privilege.
Bank of Scotland says it won't levy any additional fees for its new private banking service, other than its normal product charges, for the first year at least. George Mitchell, chief executive of Bank of Scotland's personal banking, says: 'Our new service is all about us working "in parallel" with our customers' lifestyles and needs.
'It is an inclusive, not an exclusive service, combining the best aspects of a traditional private bank with Bank of Scotland's innovative approach to modern banking. …