Standard Chartered First Bank Korea, part of UK-listed Standard Chartered, has strengthened its private banking presence in Korea with the opening of a new office in Apgujung, Seoul – its sixth such centre in the country.

The Apgujung private banking centre was launched to enable the bank to better serve its high net worth clients in the Gangnam area, Standard Chartered said in a statement. The centre serves clients with deposits in excess of KRW1 billion (around $845,000).

Eun Hee Kim, who previously worked at the Gwanghwamun centre, has been appointed to head the Apgujung operation. She is a veteran at the bank, having joined the former Korea First Bank in 1981.

“Standard Chartered’s deep home market knowledge of Asia, Africa and the Middle East and the private bank’s presence across Asia, Middle East, Europe and Americas connects clients to the growth economies of the world and gives us a tremendous opportunity to meet the growing private banking needs of Korean customers,” said Peter Flavel, global head of The Standard Chartered Private Bank.

The launch of this sixth centre - the most centres the bank has had in any country to date - reflects the fact that Korea has one of the fastest growing high net worth client segments globally, said Mr Flavel. Another private banking centre is due to launch in Dokok-dong in October, further underlining the bank’s commitment to the growing ranks of wealthy clients in Korea.

Along with Apgujung and the soon-to-be-launched Dokok-dong centre, Standard Chartered has Korean private banking operations in Busan, Gwanghwamun, Samsung-dong, Yeoksam-dong and Mokdong.