"Private banking concerns the high-quality provision of a range of financial and related services to wealthy clients, principally individuals and their families. Typically the services on offer combine retail banking products such as payment and account facilities plus a wide range of up-market investment related services."
"In the democratic capitalist world we have oil companies, like Exxon Mobil, BP and Royal Dutch Shell, that make money for shareholders.Hat tip to CaryGEE.
In the state capitalist world there are government-run enterprises like Gazprom, Petrobras, Saudi Aramco, Petronas, Petróleos de Venezuela, China National Petroleum Corporation and the National Iranian Oil Company. These companies create wealth for the political cliques, and they, in turn, have the power of the state behind them.
With this advantage, state energy companies have been absolutely crushing the private-sector energy companies. In America, we use the phrase Big Oil to describe Exxon Mobil, BP, Royal Dutch Shell and others. But that just shows how parochial we are. In fact, none of these private companies make it on a list of the world’s top 13 energy companies. A generation ago, the biggest multinationals produced well more than half of the world’s oil and gas. But now, according to Bremmer, they produce just 10 percent of the world’s oil and gas and hold only about 3 percent of the world’s reserves."
