Citibank Korea has opened its first private wealth management centre in Seoul, offering a range of structured products to the nation's ultra high net worth clients (HNWIs).
The firm's Citigold Private Client Center opened in the capital's Gangnam financial centre last month and targets clients with a minimum of KRW1bn (US$883,000) in assets. It is part of the firm's shift to offer more specialised and professional services for clients.
The first in an expected network of private banking centres will offer tailored products, bonds and the firm's unique FX Forward service to manage risks when dealing with foreign currencies and overseas investments.
"Citigold Private Client will provide customers access to a number of exclusive investment options and services. As the industry leader in structured products, Citi will continually provide diversified structured products to clients," the firm said in a statement.
"Citibank first introduced wealth management services in Korea with the 'Citigold' brand in 1991, for customers with KRW100m. Since then, 21 years have passed, and the HNWI market has grown significantly."
Citibank Korea's chief, Ha Yung-ku, said a need has grown among HNWIs during the financial crisis for sophisticated financial services. "Citibank is introducing Citigold Private Client to meet this market demand and will provide enhanced professional wealth management services," he said.
The group recently opened its first Citigold private client centre in Shanghai, catering for mainland Chinese customers with CNY8m (US$1.25m) in assets.