A bank owned and run by a small group of people (in Britain, the maximum number was traditionally ten, but this was increased under the 1967 Companies Act to twenty), each partner having unlimited liability.
Origin
Late 17th century.
Definition of private bank in US English:
private bank
noun
A bank owned and run by a small group of people (in Britain, the maximum number was traditionally ten, but this was increased under the 1967 Companies Act to twenty), each partner having unlimited liability.