Standard Chartered opens private banking centre in South Korea

Standard Chartered Bank Korea (SCBK) has reportedly opened a new private banking centre, called the Apgujeong Priority Private Centre, in Apgujeong-dong, a district in southern Seoul.

The new private banking centre is said to provide wealth management services to individuals with deposits of at least Won1bn ($680,000).

This centre marks Standard Chartered’s first private banking facility in Korea and the 16th in the bank’s global network.

Standard Chartered’s network includes locations in Singapore, Hong Kong, Taiwan, the UAE, India, and mainland China.

The Apgujeong centre is part of the bank’s strategy to strengthen its presence in Korea, a significant market for its retail banking operations.

Also, SCBK plans to open additional private banking centres in other cities with affluent clients, such as Busan and other areas in the Seoul metropolitan region.

Standard Chartered Bank Korea CEO Lee Kwang-hee said: “We are the only international bank with retail banking operations in Korea and aim to deliver a higher level of financial solutions in the local market backed by world-class global investment strategies.”

Pak Se-ri, a renowned Korean golf personality, became the first client of the new centre and attended the opening event, joined by SCBK management and team.

The Apgujeong centre occupies six floors and includes a lounge, a reception area, 11 rooms for client consultations, and a private vault.

A team of 22 relationship managers, with over a decade of experience, will serve clients, supported by four specialists in investment, foreign exchange, and insurance.

The centre will offer services in wealth management, succession planning, and additional benefits for clients, according to news reports.

Standard Chartered wealth and retail banking CEO Judy Hsu said: “The launch of our Apgujeong Priority Private Centre underscores our long-term commitment and investment in the Korean market and addresses the growing demand for tailored wealth management solutions and personalised services among our affluent clients.

In 2014, Standard Chartered scaled back its presence in South Korea by selling two of its businesses in order to increase its focus on wealth products and services.

"Standard Chartered opens private banking centre in South Korea " was originally created and published by Private Banker International, a GlobalData owned brand.

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