Domestic and foreign lenders are intensifying their push into wealth management to secure new long-term growth drivers beyond traditional interest income, seeking to target high net worth older adults with senior-focused services and digital advisory platforms, market watchers said Friday. The competition is underpinned by demographic and income trends. According to KB Financial Group’s latest wealth report, the number of individuals with over 1 billion won ($694,000) in financial assets rose to 476,000 in 2025, up from 354,000 in 2020. Those with more than 30 billion won in financial assets recorded the fastest growth, increasing at an average rate of 12.9 percent each year. The collective move also comes as net interest margins face pressure from regulation, competition and rate volatility. Wealth management and trust services are emerging as a key source of sustainable growth. Hana Bank runs Club1, a flagship wealth management hub jointly operated with securities firms. It has steadily expanded its premium products to 207 private banking centers nationwide, staffed by 827 wealth ma