Standard Chartered Bank Korea said on the 20th it opened a private banking (PB) center in Apgujeong-dong, Gangnam, Seoul, for high-net-worth clients with deposits of at least 1 billion won.
Attendees at the event included Bank Chief Lee Gwang-hui of Standard Chartered Bank Korea and Judy Hsu, chief executive officer (CEO) for retail banking and Greater China and North Asia at the SC group. The first client is Manager Park Se-ri.
Standard Chartered Bank Korea said the center is staffed with 22 dedicated employees with at least 10 years of wealth management experience and four specialists in investments, foreign exchange, and insurance. The bank plans to offer benefits including tailored asset management and plans for inheritance, gifts, and business succession.
This center is the SC group's 16th. Starting with the Apgujeong center, Standard Chartered Bank Korea plans to open centers sequentially in cities with concentrations of wealthy clients, including the greater Seoul area and Busan.
To mark the opening, Standard Chartered Bank Korea will offer 600,000 won in cash back to the first 200 clients whose deposit balances increased by at least 100 million won compared with the end of Oct. and who newly qualified for private banking status.
Also, through the 28th of this month, the bank will offer special rates to clients who increase by at least 100 million won and subscribe to deposits products. For three-month won time deposits under the increased-subscription criteria, 100 million–500 million won will receive an annual 2.9%, and 500 million–1 billion won will receive 3% as special rates, respectively. For foreign-currency time deposits, $100,000–$500,000 will receive 3.7%, and $500,000–$1 million will receive 3.8% as special rates.