The South Korean wealth management scene has long been dominated by domestic companies. Wealthy individuals have turned to the likes of Shinhan, KEB Hana, Woori Bank and Kookmin Bank for their private banking, and while some foreign banks have entered the market, some have pulled out and others remain in a relatively limited capacity.
But is the situation about to change? In March this year, Citibank announced ambitious plans to double its wealth management assets under management in South Korea by 2020, and open new centres in Seoul, Dogok and Budang.