Domestic and foreign lenders are intensifying their push into wealth management to secure new long-term growth drivers beyond traditional interest income, seeking to target high net worth older adults with senior-focused services and digital advisory platforms, market watchers said Friday.
The competition is underpinned by demographic and income trends. According to KB Financial Group’s latest wealth report, the number of individuals with over 1 billion won ($694,000) in financial assets rose to 476,000 in 2025, up from 354,000 in 2020. Those with more than 30 billion won in financial assets recorded the fastest growth, increasing at an average rate of 12.9 percent each year.
The collective move also comes as net interest margins face pressure from regulation, competition and rate volatility. Wealth management and trust services are emerging as a key source of sustainable growth.
Hana Bank runs Club1, a flagship wealth management hub jointly operated with securities firms. It has steadily expanded its premium products to 207 private banking centers nationwide, staffed by 827 wealth management specialists — the largest workforce in the sector.
The bank also focuses on comprehensive solutions that include wealth succession planning, tax consulting and estate management.
This has strengthened its position as a long-term financial partner.
Last year, it became the first financial entity in Korea to launch a senior-focused brand, Hana The Next, and has since opened specialized lounges at major locations to deliver tailored solutions for affluent seniors.
In August, it established a financial center for older adults, entering a money market estimated at 154 trillion won.
In severance pay-funded pensions, Hana ranked first among banks in net asset growth in the first half of this year, with its pension assets standing at 2.4 trillion won.
KB Kookmin Bank earlier this month opened the KB Golden Life Advisory Center in the Pyeongchang neighborhood of central Seoul.
The center provides on-site tax advisory services and consultations on inheritance, pensions, real estate and family business succession through private bankers.
Meanwhile, NH NongHyup Financial Group’s senior customer services are tailored to Korea’s aging society.
The group runs a senior-focused brand, NH All Wonderful, which is designed to support customers preparing for postretirement life. Services extend beyond finance to encompass broader life planning and intergenerational support for their children.
The group’s strategy emphasizes connecting urban and rural areas and bridging generations through innovative products and services such as asset management solutions and retirement planning, while also supporting reemployment and education for seniors.
Foreign banks are also deepening their efforts.
Standard Chartered Bank Korea last month opened a large-scale private banking center in the Apgujeong neighborhood of southern Seoul.
This was the first facility established by Standard Chartered Group in Korea.
The employees there offer consultations on investment, foreign exchange and insurance, and the bank plans to establish similar centers across the Seoul metropolitan area and in the southwestern city of Busan.