Standard Chartered Bank Korea Ltd. is moving to strengthen its domestic retail business with new products targeting wealthy clients and the launch of a new brand for its wealth management (WM) division.

According to financial industry sources on Monday, SC Bank Korea will introduce a new deposit product for wealthy clients in May 2025. The account will offer tiered interest rates based on deposit balances, providing higher returns for larger deposits. The bank aims to attract high-net-worth customers by offering more favorable rates as deposit amounts increase, while major commercial banks in Korea are cutting deposit and savings rates.

The retail expansion strategy aligns with the management vision set by Chief Executive Officer Lee Kwang-hee shortly after he took office. At his inauguration earlier in the year, Lee emphasized plans to “reinvigorate the retail finance business by delivering wealth management services that meet global standards.”

Noting that SC Group’s new global strategy focuses on wealth management solutions and advisory services for high-net-worth clients, Lee added that the strategy is “equally effective in South Korea” and said the bank would “target the future market via continuous investment and digital infrastructure development.”

As part of its retail strengthening initiative, the bank will overhaul its customer classification system. Although specific standards are yet to be finalized, customers will be grouped by asset holdings. The bank plans to update customer group naming accordingly and introduce new products and services tailored to each segment, in line with the broader strategy of its parent company, SC Group.

SC Bank Korea also plans to launch a new WM brand within the year, joining the intensifying competition among commercial banks to secure high-net-worth clients and further reinforce its retail business.

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