Awards for Distinction 2012 – South Korea


afd2012

Shinhan Bank

Suh Jin-Won

Suh Jin-Won
President and CEO
Shinhan Bank

South Korea’s dearth in natural resources may well have been a blessing in disguise for the hardworking peninsula nation, as today it can lay claim to some of the world’s most innovative – and dominant – companies, including Samsung and Hyundai. This global prominence in electronics manufacturing, shipbuilding, and automobiles, to name a fe w, has given rise to a high net worth (HNW) population totalling 144,000 with a combined wealth of US$381 billion, according industry sources. Moreover, these figures are projected to rise, with South Korea’s HNW population estimated to reach as high as 302,000 persons, while total HNW wealth could climb to US$1.12 trillion by 2015. Local banks with deep market penetration stand to gain the most from this opportunity, with one private bank distinguishing itself from its peers in 2012.

Shinhan Private Wealth Management (PWM) is this year’s recipient of the Asian Private Banker Best Private Bank – South Korea award. With a gargantuan US$208 billion in assets under management (AUM) – including those clients with KRW500 million (US$450,000) with the bank – Shinhan PWM has clearly benefitted from an integrated banking model, providing clients with access to a wide range of asset management and investment banking solutions, including products which go beyond the typical vanilla-type.

Asian Private Banker makes particular note of Shinhan PWM’s holistic, multidimensional approach to servicing its clients’ needs, offering advisory capabilities in tax and real estate planning as well as health care services and priority access to culturally-significant events.

Undoubtedly Shinhan PWM is a tough act to follow, given its dedicated team of 100 relationship managers, its local insight, and its wealth of capabilities. On the strength of these reasons, Shinhan Private Wealth Management may lay claim to the title of Asian Private Banker Best Private Bank – South Korea, for 2012.