Standard Chartered Korea puts wealth at center of vision

Standard Chartered Bank Korea plans to invest 10 billion won ($8.24 million) in its wealth management, aiming to double the size of operations over the next five years, a top company executive said Thursday.

“We have set a target of 100 percent growth in the number of clients, revenue and assets under management at our wealth business by 2020,” Chang Ho-june, head of wealth management at SC Bank Korea, said at a press conference in Seoul.

The London-based bank has about 5 trillion won of assets under management.

To realize the goal, the bank will invest 10 billion won to hire more specialized managers and financial experts as well as strengthen information technology infrastructure and platforms over the next two years. He said the key to this year’s wealth management business strategy lies in making strides toward greater accessibility for customers.

The announcement comes as banks around the world are increasingly relying on wealth management as a stable revenue generator that could offset potentially volatile businesses such as trading.

Listing the details, Chang said the bank would expand the number of mini-branches, which offer seven-day banking services at retail stores, to 62 by the end of January from the current 52.

Last year, the bank signed a deal with Shinsegae to implant sales and marketing channels at the retail giant’s outlets including department store and discount store E-Mart.

The bank will adopt a video consulting service in the second half of 2016 to enable Korean customers to get advice from SC Group’s global investment experts in Singapore and Hong Kong.