SC Bank Korea debuts private banking center for ultrarich in Seoul

Standard Chartered (SC) Bank Korea CEO Lee Kwang-hee, front row sixth from right, cuts the ribbon with golf legend Pak Se-ri, to the right of him, along with senior SC executives and key clients during the opening ceremony of the Apgujeong Priority Private Centre in Seoul, Thursday. Courtesy of SC Bank Korea

Standard Chartered (SC) Bank Korea said Thursday that it has opened a new private banking center in Apgujeong-dong, an affluent neighborhood in southern Seoul. The facility will provide international wealth management services to high-net-worth individuals with deposits of at least 1 billion won ($680,000).

Named the Apgujeong Priority Private Centre, the facility is built on SC's global private banking model, which has seen success in major financial hubs. This marks the bank's 16th such center globally — following locations in Singapore, Hong Kong, Taiwan, the UAE, India and mainland China — and the first of its kind in Korea.

The bank said the launch aligns with its long-term commitment to driving sustainable growth in Korea, which it considers one of its key retail markets. SC plans to roll out additional centers in phases across cities with high concentrations of affluent clients, including Busan and the greater Seoul metropolitan area.

Korean golf legend Pak Se-ri became the center's inaugural client and attended the opening ceremony. She was joined by SC Bank Korea CEO Lee Kwang-hee and Judy Hsu, CEO of SC's wealth and retail banking and greater China & north Asia, as well as senior management and board members of the bank.

The Apgujeong center spans six floors and features a premium lounge, reception area, 11 client consulting rooms and a private vault. It is staffed by 22 experienced relationship managers, each with more than 10 years of industry experience, and supported by a team of four specialists in investment, foreign exchange and insurance.

Clients will be offered tailored wealth management services, succession planning and exclusive lifestyle benefits.

"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," Lee 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 personalized services among our affluent clients," Hsu said.

To celebrate the launch, the bank is offering benefits to new clients, including cash-back rewards, special interest-rate promotions and access to its exclusive "private welcome program."