KB Kookmin Bank said on Sunday it has rebranded its existing "KB WISE Family Office" as "KB the FIRST Family Office" to strengthen its wealth management competitiveness.

The rebranding is aimed at shifting to a tailored wealth management business that designs a family’s present and future together, and at strengthening comprehensive, long-term wealth management services for families.

KB Kookmin Bank has created a dedicated family office organisation, the "F/O Solution Team", and set up a system in which experts in areas including investment strategy, tax, law, accounting and real estate collaborate.

The F/O Solution Team plans to provide family office services through an "On-Site Advisory" approach, in which it analyses the characteristics and needs of customer families and directly visits customers on site. Services will include restructuring family asset portfolios, corporate and governance structure consulting, tax strategies for business succession and inheritance and gifts, and advice on domestic and overseas investments and alternative investments.

It will also expand non-financial services to support the sustainability and growth of family-level assets. It plans to hold regular family-specific seminars to provide related information including domestic and overseas macroeconomic outlooks, tax system revisions, global investment trends and business succession strategies.

It also plans to run a "successor cultivation education programme" for next-generation leaders. The programme will support basic principles of wealth management, corporate management, key knowledge in finance, real estate and tax, and networking.

KB Kookmin Bank aims to expand assets under management for its family office, at about 1.1 trillion won as of the end of January, to 2 trillion won within this year, centred on "KB the FIRST Family Office".

A KB Kookmin Bank official said, "KB the FIRST Family Office is a wealth management service that designs the present and future of customer families together." The official added, "We will strengthen differentiated family office services by providing comprehensive solutions that cover everything from asset management to succession."