In Apgujeong in Gangnam-gu, Seoul, home to many super-rich Korean families, an elegant seven-story building draws all the attention of passers-by.
The building was built by KB Financial Group to provide personalized financial services to the richest people in Korea. This is a place that goes beyond what ordinary commercial banks can do.
Instead of having to get a queue ticket, customers are served a court-brewed cup of coffee. The surrounding space is decorated with works worth billions of won, chandeliers and books that you cannot find in normal bookstores.
KB Gold&Wise The first, Apgujeong-dong branch, is the flagship and premium version of KB’s private banking brand KB Gold&Wise.
Pursuing asset management services for high net worth individuals, this branch offers its clients an experience like visiting a private gallery or gallery.
On the second floor of the building is a room with precious books and cultural collections. Customers can also inhale a pleasant atmosphere with the customized essential oil diffuser.
There are 15 consultation rooms for customers from the 3rd to the 7th floor. Discussions can take place in private. Two consulting rooms on the 7th floor are like suites of a luxury hotel. In the room hung a painting worth 3 billion won by abstract artist Kim Whan-ki.
In addition to the luxurious interior, a professional tax advisor, lawyer, real estate specialist and banker will come together as a team to provide a highly personalized service to the client.
“We have about 40 top professionals here,” says Hwang Sun-a, head of the senior division.
Super rich parents often come to this building. They are people who want to transfer the business and distribute their assets smoothly among their children and grandchildren.
“Our main customers are top executives of large companies and their family members,” says Hwang. Many family businesses here are in the process of handing over power to the next generation. That requires super-rich families to think about comprehensive asset management advice, not just a single financial product.”
Young start-ups are another group of customers, Hwang added.
While the popularity of online banking has led commercial banks to downsize personal services and close branches, local banks see the growth potential of hyperpersonal services to manage the wealth of the super-rich, similar to those offered by foreign banking groups such as such as UBS and Credit Suisse.
“The promotion of wealth management activities for high net worth individuals and the development of digital platforms are becoming the two main pillars of local banks,” said Hwang. ”
According to the Korea Wealth Report 2022 recently released by KB Financial Group, the number of “wealthy people” in Korea will be 424,000 at the end of 2021, an increase of 19.7% over the previous two years.
KB Group defines the wealthy as those with a financial wealth of more than 1 billion won. The group has total financial assets of 2,883 trillion won, accounting for 58.5% of the total financial assets of Korean households.
The center offers clients the financial services offered by banks and securities firms, from private equity investments, IPOs to securities investment funds…
This is reported by The Korea Herald
