KB opens Korea’s largest high-end private bank branch

South Korean financial group KB said on Tuesday it had recently opened the country’s largest high-end private banking branch in Seoul in a bid to provide a more comprehensive range of services to its wealthy clients.

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

At the branch opening ceremony held on September 6, A-list actor Lee Young-ae was present alongside KB Financial Group Chairman Yoon Jong-kyoo, KB CEO Kookmin Bank Lee Jae-keun and other KB officials. The actor has been named ambassador for the new premium banking brand.

Last month, KB launched KB Gold＆Wise the First with the aim of adopting a “Credit Suisse“-like model in which private bankers and asset managers from KB Kookmin Bank and KB Securities and domain experts such as investment, tax, real estate and trusts are brought together as one team for their clients.

Clients can make new investments based on the portfolio valuation services provided by the brand. The brand team will provide trust fund advice as part of its family office services which assist clients with their estates and the transfer of their personal assets, including corporations.

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

“We opened the new branch to provide unparalleled services to our customers,” Yoon said at the opening ceremony.

“We plan to provide a unique service to our customers and offer only the best.”

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

([email protected])