Shinhan PWM wins Private Bank of the Year in Korea at The Global Wealth and Society Awards 2020

• Private banking business kept growth momentum amid COVID-19 pandemic
• Comprehensive financial shop model further expanded by opening the PIB Center
• The bank established a donation system to boost domestic and overseas charitable activities

27 January 2021, Seoul - Shinhan PWM received the award for Private Bank 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.

Private banking business kept growth momentum amid COVID-19 pandemic

It has been ten years since Shinhan PWM launched its private wealth management (PWM) - the first comprehensive financial shop model introduced in Korea. Shinhan’s customer base makes up around 25% of market share among the four biggest commercial banks in Korea which is relatively behind its main competitor. However, the bank’s assets under management (AUM) demonstrated continuous higher growth than its peers. This is due to the bank’s effort in evolving to a more mobile business model of its private banking business. The bank will launch a private banking (PB)-only app through which clients can access services without visiting the branch.

Comprehensive financial shop model further expanded by opening the PIB Center

The bank launched the Shinhan PWM Center in 2011 which combined the banking and securities services in one branch. It is aimed at satisfying the asset management needs of wealthy customers. The bank opened the PIB Center in 2019 to further cultivate the asset management sector and provide specialised services to its customers, an innovation of new model in current saturated market with fierce competition. The bank also sourced investment banking deals for its ultra-high net worth customers.

The bank established a donation system to boost domestic and overseas charitable activities

In line with Shinhan Financial Group’s mission to ’benefit the world with finance, hearty finance for the future,’ Shinhan PWM signed a business agreement with NAVER, the largest search engine in Korea, in January 2020. The agreement allowed the bank to expand both domestic and overseas charitable activities such as donations and established a system as a social enterprise to facilitate donations.

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

For further information, you may get in touch with:

Mr. Mobasher Zein Kazmi
Secretariat, Global Wealth and Society
Tel: (+61) 452 514 145
mkazmi@theasianbanker.com
www.theasianbanker.com