Citibank Korea has decided to shift its asset management business focus to the middle-income bracket, from its earlier target of wealthy customers.

While the bank had mainly focused on private banking for customers with deposits of at least 100 million won ($87,700), its target will be expanded to those with financial assets of at least 20 million won.

“Among total Korean adults, the proportion of them whose financial assets come to 20 million won is 35 percent,” Citibank Korea CEO Ha Yung-ku told a news conference in Seoul on Tuesday.

He described middle-income earners as the “emerging affluent.”

“By developing products aimed at the emerging affluent, not merely for the chosen few, Citibank Korea will become the No. 1 retailer lender within 10 years in the local market,” he said.

Meanwhile, the bank’s parent Citigroup Korea is seeking to offer wealth management advisory services for individual customers by introducing a retail-based unit.

According to Citi executives, Citigroup Korea is considering resurrecting an earlier project to set up a retail-based securities firm.

It comes four years after financial regulators rejected an application from Citibank Korea for a brokerage business for individual customers in 2008.

The bank would like to establish a retail-based brokerage unit, CEO Ha has said.

Citigroup Korea already operates a wholesale-based brokerage unit, Citigroup Global Markets Korea Securities, which is focused on advisory services for institutional investors.

By Kim Yon-se (kys@heraldcorp.com)