Citibank Korea has unveiled plans to expand its wealth management business and focus on investments in mobile banking to manage low growth and low margins.
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"We will focus more on affluent segments in Korean markets," said Citibank Korea consumer business head and senior executive vice president Brendan Carney.
Carney added that the bank will help customers manage their assets with right model portfolios.
As part of the move, Citibank Korea will reclassify its customers into four segments based on their total assets and investment tendencies.
The four groups include Citigold private client, for clients with assets of over KRW1bn, Citigold, for those with KRW2bn to KRW10bn and City priority (KRW50m to KRW200m), and Citibanking (less than KRW50m).
"We are putting a bigger focus on attracting more high-wealth earners in order to increase the market share to 10 percent," Citibank Korea CEO Park Jin-hei told The Korea Times.
Citibank is also planning to open a comprehensive banking hub in Banpo in November, reported The Korea Herald. This hub will enable customers to choose their financial product at a glance.
Additionally, Citibank Korea will make an investment to promote financial technology, or fintech, partnerships with information-technology companies such as IBM, Microsoft and Uber, according to The Korea Times.
