| The headquarters of Shinhan Financial Investment on Yeouido / Courtesy of Shinhan Financial Investment |
As Shinhan Financial Investment is newly opening two branches in the Cheongdam and Gwanghwamun areas, the brokerage firm said that it has scouted altogether 30 private bankers from Citibank Korea following the latter's confirmed phased shutdown of its retail banking business.
The two centers are each located in the hearts of the Gangbuk and Gangnam districts. Many of the scouted former Cibitbank private bankers are highly experienced in the industry, including Yeom Jeong-ju, the former head of Citibank Korea's Cheongdam branch, the largest wealth management (WM) center of the bank. Yeom will now lead Shinhan's Cheongdam branch.
Shinhan Financial Investment also scouted former Citibank's asset portfolio experts, who will provide in-depth services in terms of analyzing financial markets and model portfolios to clients.
The move is similar to Woori Bank's recent deployment of a number of former Citibank employees at its newest WM center located in the Gangnam area.
As Citibank Korea is currently in the process of gradually shutting down its retail business, employees with stellar performances in the local operations of the American lender have been recruited by other financial companies, like Woori Bank and Shinhan Financial Investment.
Citibank Korea was known for its solid WM structure, with competent private bankers servicing a wealthy clientele. Thus, the firm's shutdown of its consumer operations is expected to shake up the landscape of the WM market in Korea.