KB Kookmin Bank wins Private Wealth Service of the Year in Korea at The Global Wealth and Society Awards 2020
- Having the largest wealth customer base, KB Kookmin Bank’s clients contribute to over 60% of AUM
- The bank provides an integrated account view of its PB customers with the most comprehensive product lines in the market
- The bank implemented an alternative way to ensure smooth operation of its PB services amid COVID-19 pandemic
27 January 2021, Seoul - KB Kookmin Bank received the award for Private Wealth Service of the Year in Korea at The Global Wealth and Society Awards 2020 presented by The Asian Banker. .
The London-based Global Wealth and Society Awards Programme seeks to recognise high and ultra-high net worth individuals and their partner institutions for using wealth to bring about positive impacts in society. Recipients of the award underwent a stringent and comprehensive evaluation process. Winners are selected based on ability to demonstrate the commitment to deploy wealth to improve the lives of people and society and at the same time generate positive financial return on client investments.
KB Kookmin Bank’s wealth clients contribute to over 60% of AUM
KB Kookmin Bank maintains the leading position in Korea for both the number of branches and customer size. As of 31 July, customers with more than KRW 100 million ($91.05 thousand) and over KRW 500 million ($455.62 thousand) make up 38.7% and 35.8% market share, respectively, among the four biggest commercial banks in Korea. The wealth management (WM) business contributes a lot to the bank’s operations and is ahead of its competitors. WM clients contribute 62.7% of total assets under management (AUM) with funds, insurance and trusts combined.
The bank provides an integrated account view of its PB customers with the most comprehensive product lines in the market
The private wealth business adopts a hybrid model of collaboration between bank and security subsidiaries with an integrated account view of its private banking (PB) customers. The bank can provide the most comprehensive product lines in the market with total AUM for WM products of over KRW 50 trillion ($45.57 billion). Private bankers and relationship managers (RMs) provide one stop service covering investment, consulting to loan, foreign exchange and mutual fund, brokerage and real estate investment. With the idea of sustainable investment which can deliver both less-risk returns and contribution to making a difference in the world, the bank offers various sustainable investment solutions to clients. Its environmental, social and governance (ESG) portfolio which can help clients live up to their principles without compromising performance has an annual return of 27.3% as of August 2020.
The bank implemented an alternative way to ensure smooth operation of its PB services amid the pandemic
Amid COVID-19 pandemic, the bank implemented a new way to ensure smooth operation of its PB services. The bank implemented the so-called ‘untact marketing’ as an alternative to its existing face-to-face marketing programmes. As a result, the easy and accessible yet cautious approach has led to many positive responses from customers.
About the programme
The Global Wealth and Society Awards seeks to recognise high and ultra-high net worth individuals and their partner institutions for using wealth to bring about positive impacts in the society that they operate in.
We believe that impact-minded individuals and innovative institutions that are well-run should be recognised for their contribution to society and their building of impact businesses that are not only transforming the lives of those in the community but serve as an inspiration to others.
The programme also recognises products and services offered by financial institutions that are highly customised and tailored to high and ultra-high net worth clients, aspirational, risk diversified, innovative and offer superior performance to enable clients to achieve a positive financial return on investments while meeting their wider investment aims.
The Global Wealth and Society Awards is powered by the research capability of The Asian Banker. Established in 1996, we have built extensive presence, developed strong industry networks and generated significant goodwill among players and their clients in major countries in Asia Pacific, the Middle East, and Africa.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums. The company’s website is www.theasianbanker.com
For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.wealthandsociety.com/theglobalwealthandsocietyawards/criteria
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