Korea Exchange Bank, the fifth largest bank in South Korea, is considering enhancing its offshore private banking business in Asia and the US, say reports.

A senior executive at the Seoul-headquartered bank outlined plans to target wealthy Koreans living in Japan, Indonesia, Hong Kong and the US, according to a report in the Korea Herald.

Though the bank also plans to make inroads into South American markets too, its strategy does not involve private banking, said the report.

He said rich customers in Latin America tend to transfer their assets to other continents including North America for security reasons. Instead, KEB is focusing on corporate financing there.

It joins rival Woori bank, which has also been looking offshore in recent months. Woori recently opened its 13th Chinese branch and relocated its key outlet in Beijing to a business hotspot to enhance its private banking service for rich clients.

Among the commercial bank’s overseas targets for this year are Chennai, India and Dacca, Bangladesh.

KEB did not immediately return calls for comment.