KB opens Korea's largest premium private banking branch

South Korea’s KB Financial Group said Tuesday it has recently opened the nation’s largest premium private banking branch in Seoul in a bid to provide a fuller range of services to its wealthy clients.

The seven-story building, named after the bank’s recently launched premium banking service “KB Gold ＆ Wise the First,” is located in Seoul's posh district of Apgujeong. The floor space, themed on books and art, consists of 15 consulting rooms and 1,400 vaults.

At the branch’s opening ceremony held Sept. 6, top actor Lee Young-ae was present alongside KB Financial Group Chairman Yoon Jong-kyoo, KB Kookmin Bank CEO Lee Jae-keun and other KB officials. The actor was appointed as an ambassador for the new premium banking brand.

Last month, KB launched KB Gold ＆ Wise the First in a bid to adopt a “Credit Suisse-like” model in which private bankers and asset managers from KB Kookmin Bank and KB Securities and experts from areas such as investment, tax, real estate and trusts are brought together as a single team for their clients.

Clients can make new investments based on portfolio assessment services provided by the brand. The brand’s team will provide trust fund consulting as part of its “family office” services which aids clients with their inheritances and transferring of their personal assets, including corporations.

Industry watchers say the new brand targets clients with personal assets over 3 billion won ($2.2 million).

“We opened the new branch to provide services like no other to our clients,” Yoon said at the opening ceremony.

“We plan to provide one-of-a-kind service to our customers and deliver only the best.”

For the first half of the year, KB’s net profit came to 2.77 trillion won, up 11.2 percent on-year, according to a regulatory filing. Operating profit rose 2.38 percent to 3.5 trillion won, with revenue jumping 55.6 percent to 46.4 trillion won.

(mkjung@heraldcorp.com)