TYPES OF BANK
Retail Banks:
These are banks that offer financial services to individual customers,
including savings accounts, checking accounts, loans, and credit cards.
Commercial
Banks: These banks primarily work with businesses and offer services such as
business loans, lines of credit, and treasury management.
Investment
Banks: Investment banks work with corporations, governments, and other large
organizations to underwrite new securities offerings, facilitate mergers and
acquisitions, and provide other investment-related services.
Central Banks:
These are government-owned banks that are responsible for overseeing a
country's monetary policy, managing the money supply, and regulating the
banking industry.
Credit Unions:
Credit unions are not-for-profit organizations that are owned by their members
and offer financial services similar to retail banks.
Online Banks:
Online banks operate primarily online and offer services such as savings
accounts, checking accounts, loans, and credit cards.
Private Banks:
Private banks offer personalized banking services and wealth management
services to high net worth individuals and families.
Cooperative
Banks: Cooperative banks are owned and operated by their members, who are
typically individuals or small businesses, and offer services such as savings
accounts, loans, and credit cards.
Islamic Banks:
Islamic banks operate according to Islamic principles, which prohibit charging
interest and require all financial transactions to be based on ethical and
moral principles.
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