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| gettyimagesbank |
By Yi Whan-woo
Banking groups are racing to attract wealthy customers as more rich individuals are parking their money in savings accounts due to the steep hike in the benchmark interest rate and a subsequent rise in the deposit rate.
The nation's three largest financial groups ― KB, Shinhan and Hana ― are using their respective private banking (PB) centers and digital technology to offer tailor-made services in banking and securities among other products.
They also offer cultural experiences, such as art and literature, to ensure selected customers feel like using offline banking services more often.
KB Financial Group runs the nation's largest private banking center in Seoul's affluent district of Apgujeong.
Called, KB Gold & Wise the First, the center is located in a seven-story building, with the first floor containing books and art as well as 15 consulting rooms and 1,400 vaults.
The center targets clients with personal assets of more than 3 billion won ($2.38 million).
The staff provide trust fund consulting as part of its "family office" services, which aid clients with their inheritance and transfers of personal assets, including corporations.
Shinhan Financial Group has upgraded and rebranded two of its wealth management centers (WMCs) in Seoul.
The two centers are open to those with personal assets of over 10 billion won and offer corporate consulting, saving money on taxation, real estate, and legal services alongside non-financial privileges including benefits on booking golf courses and restaurants for clients and their family members.
The group also offers a tailor-made banking app known as SOL PB, for clients of its wealth management centers nationwide.
Hana Financial Group's banking arm, Hana Bank, saw an increase of 5 trillion won to 6 trillion won in the private wealth management sector from January to November 2022.
Using in-person or online services, the targeted clients are offered services in banking, tax, real estate and art collection.
In particular, Hana Bank showcases collections from the Kasmin Gallery in New York on a media wall at its private banking center in Apgujeong.
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