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Citi looks to double Korea wealth AUM by 2020

Citi looks to double Korea wealth AUM by 2020

Citi Korea has announced further investments into its consumer banking business to drive growth across wealth management, cards, lending and commercial banking with an emphasis on further digitisation.

This new consumer banking strategy is aimed at building on the bank’s strong digital progress where 95% of the bank’s financial transactions in the Korean financial market take place through non-face-to-face channels due to the development of digital banking.

The investments apply to its units servicing a wide range of clients - who hold from $100,00 to over $1 million in investable assets.

The renewed targets includes a goal to double assets under management in its wealth management business by 2020 and to grow deposits in the country by 30%.

It will expand the number of wealth management centers with launches in Seoul, Dogok, and Bundang in addition to the Banpo and Cheongdam Centers.

It also aims to grow target segment customers by 50% across the emerging affluent and affluent segments.

Another target is to reach 80% of new credit card customer acquisitions via digital. The bank will also invest further in consumer lending by launching innovative lending hubs that increase non-branch acquisitions from 60% to over 90%.

Other measures

Citi Korea will also launch lending centers focusing on consumer and commercial lending activities in key areas.

It will increase banker mobility, with tools and processes that allow the banks’ relationship managers to fully service customers outside of the branch environment.

It will also launch a revamped internet banking platform in May that will include many of the innovations found in the NEW Citi mobile app -- including no certificate required, simplified transaction flow and increased security.

Citi Korea is also aiming to enhance non-face to face capabilities that can serve customers effectively without requiring them to visit a branch.

Citibank opened its first branch in Korea in 1967 and Citibank Korea Inc (CKI) was created through the integration with KorAm Bank in 2004.

Through Citi Priority, Citigold, and Citigold Private Client, its segmented client value propositions, Citi Korea serves some 60,000 clients across wealth management and broader consumer banking.

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