Citibank Korea has been expanding its global network-based wealth management service to differentiate its customer service in the South Korean financial market, the bank said Sunday.
The Korean unit of the US bank opened its largest wealth management center in Cheongdam-dong, an affluent neighborhood in southern Seoul, last December. It has been seeking ways to further enhance its exclusive service by introducing a variety of programs to help expand customers’ assets.
The Cheongdam center has a WM team consisting of experts in wealth management, investment, insurance, and loan. The team provides WM strategies based on Citigroup’s global network and research capabilities, the bank said.
Citibank’s WM team tries to maintain objectivity in product selection and management as it does not have affiliated asset management companies.
Citibank Korea also offers differentiated services to three major client groups: Citigold Private Clients, a group of clients with more than 1 billion won in assets under management, Citigold Clients, who have between 200 million won and 1 billion won, and Citi Priority Clients with between 50 million won and 200 million won.
The Citigold Private Client group is offered portfolio counselors and investment experts who conduct thorough analyses on the clients’ assets.
Dubbed “Portfolio 360˚,” the asset analysis and management service is based on Citi’s statistical data accumulated globally since 1926. It provides clients with numerical risks and portfolio reviews by scenario.
Citibank Korea CEO Park Jin-hei (middle) and Consumer Business Head Brendan Carney (right), consult with a customer at the bank’s Cheongdam Center in southern Seoul. (Citibank Korea)
For Citigold clients, the bank runs its flagship Total Wealth Advisor system, known as TWA. The system offers various model portfolios made based on global market prospects and data analyses, and produces portfolios tailored to clients’ investment appetites.
Due to the American bank’s focus on the WM services in Korea, the number of related customers at Citibank increased significantly.
The number of WM customers with 50 million won to 100 million won in asset under management surged by more than 20 percent as of February compared to the end of November 2015.
The number of high-net-worth customers also jumped by about 8 percent.
“We’ve provided efficient WM services in accordance with customers’ objectives for asset expansion, contributing to customer profits,” said Valentin Valderrabano, head of retail products and segments division at Citibank Korea. “I hope that customers in need of WM will experience differentiated and advanced WM services.”
The bank opened its first WM center in Banpo-dong, another southern Seoul neighborhood, in November 2015, and plans to add several more in other parts of the city.
By Song Su-hyun (song@heraldcorp.com)