Citibank strengthens wealth management
Citibank Korea CEO Park Jin-hei searches for financial information at the smart banking zone in Citigold Banpo Center in southern Seoul. / Courtesy of Citibank Korea
By Yoon Ja-young
Amid historically low interest rates and sluggish asset markets, wealth management matters more than ever. Citibank Korea, which has been leading private banking services in the country, is turning to digital to offer better services for the new wealthy.
The bank opened Citigold Banpo Center in the affluent district of southern Seoul after renewal, announcing launch of a smart asset management center. It also started “Citi Priority” service aiming at the new wealthy. It is a comprehensive asset planning and management program that helps customers attain their financial target through convenient, efficient and digitalized banking service.
“The new wealthy are highly educated, active and globalized. As the number of customers in this group increases, there has been growing demand for more effective and efficient banking services that can meet their needs. We are very glad to introduce Citi Priority, which will upgrade the asset management platform of Citibank to the optimum level,” said Park Jin-hei, CEO of Citibank Korea.
Citibank is especially eying the young professionals and those in the managerial level, who actively pursue success, have considerable knowledge in finance and experiences overseas and are making systematic preparation for life after retirement. Wealth management is thus one of their priorities.
Park added that Citi Priority helps cut transaction cost through digital banking channel as well as providing customers with freedom and flexibility in transactions.
With the launch of the Citigold Banpo Center, the bank expanded the customer base eligible for the wealth management service, to include those with 50 million won assets. At the same time, it is trying to offer more tailored services for customers. They are categorized as Citigold Private Client, Citigold, and Citi Priority according to the size of their assets, as they have different focus and need in asset management.
Citibank Korea said that Ctigold Banpo Center will lead innovation as the first smart hub store. Customers will have new experience in banking, using touch screen and media wall.