Woori Bank has opened a high-net-worth-focused wealth management channel in the Jamsil area and is expanding tailored asset management services.

Woori Bank held an opening ceremony on May 21 at Lotte World Tower in Songpa district, Seoul, for the high-net-worth-focused wealth management channel 'Two Chairs W Jamsil (TWO CHAIRS W Jamsil)'. It said on May 22 it would step up expansion of premium wealth management services.

Jamsil is an area where high-priced residential complexes such as Signiel, Els, Ricenz and Trizium are concentrated, and it also has major commercial districts, business facilities and cultural infrastructure. As inflows of high-net-worth individuals continue to increase recently, competition among financial firms to secure wealth management hubs is also intensifying.

Woori Bank plans to strengthen its wealth management competitiveness based on the Lotte World Tower location and provide customer-tailored premium services.

It has set up private consultation spaces and a premium consultation environment. It will also offer comprehensive solutions using a network of experts by field, including tax, real estate, trusts and succession planning for family businesses, as well as investment products and portfolio asset management.

Soo-hyun Jung (정수현), head of Woori Bank's wealth management sales strategy department, said, "The wealth management market is changing in the direction of designing clients' overall lives." He added, "We will expand WM services so that we become a premium financial platform that supports clients' asset growth and future planning together."