History of the Private Banker

  The word "Private Banking Service" was first used by Citigroup in 1977. In Europe, however, there were "conservators" who offered private banking services for noblemen centuries ago. Switzerland is considered to be a center of private banking. Many famous private banks were established during early 18th century to the middle 19th century in Switzerland. Therefore, practically "Swiss banking" means "Private banking."
In 1997, while Korea was in a great economic crisis, Hanmi Bank introduced private banking services. Now, Citigroup advances the Korean financial market after having bought out Hanmi bank and provides developed private banking goods to Korean consumers.

  The way to be a Private Banker

  Usually, people tend to think only business graduated students can become a PB. But many PBs say this is not true. "Apparently, the fact that you are equipped with financial knowledge will help. But that is not a necessary factor. In my case, I graduated Dept. of English Lit. Regardless of your major, you can be a PB," says Yeom Jung-joo (Private banker, Citibank).

  If you want to be a PB, you should establish yourself in a financial company first. Only a few employees who prove his or her certification through internal selecting process can be a PB. "I heard that each bank has somewhat different programs in selecting and training PBs. Basically, however, all the PBs are experts. We continuously have seminars in order to improve our skills and keep up with the mainstream of market advances," says Yeom.

▲ Photographed by Chai Kyu-min

  Customers, who have an account, usually meet banker twice; when they open their account and when they close their account and with-draw their assets. PBs, in contrast with other bankers, need to meet clients continuously. "Because I run my client's money, I should earn my clients' trust. Relationships between my clients and myself is more than just business affairs. From this point of view, Americans called a PB a Relationship Manager (RM)," says Lee Jeo-ock, (Private Banker of CitiBank). Actually, some PBs are worth billion dollars themselves. "Clients tend to remain loyal to extraordinary PBs and follow them if they change companies or location, even if it is to Hong Kong or Singapore. How much capital moves with the PBs, decides the private banker's value," says Lee.

  As a result, PBs should be ready to give exceptional advice. Officially, employees in a bank, including a PB, work 9 a.m to 5 p.m. However, a successful PB spends his or her free-time to analyze everything; exchange rates, stock market indices, and so on. "I do not stay all night at work like lawyers, but I am sure that being a PB is one of the hardest jobs," says Lee.

  According to economic statistics, the top 5% of clients accounted for 95% of overall bank revenues. As the partnership between PBs and clients becomes stronger, the benefits grow exponentially. "I believe that a PB is the blue ocean for those who are fully equipped with passion and communication skills," says Lee.