Lotte Department Store Excels in VIP Wealth Management with MOU Signed with Standard Chartered Bank Korea

Expansion of Wealth Management and Financial Consulting Services for AVENUEL Customers
Strengthening Synergy Through Global VIP Integration and Joint Promotions

On May 14, Lotte Department Store announced that it has signed a strategic memorandum of understanding (MOU) with Standard Chartered First Bank Korea to strengthen premium services for its valued customers.

On the 14th, Jeong Hyun-seok, CEO of Lotte Department Store (left), and Lee Kwang-hee, President of Standard Chartered Bank Korea (right), posed for a commemorative photo after signing a business agreement at the Lotte Department Store Main Branch in Sogong-dong, Jung-gu, Seoul. Provided by Lotte Department Store

The plan is to link Standard Chartered First Bank Korea's wealth management solutions with AVENUEL, Lotte Department Store's VIP customer management program, in order to expand the range of benefits for valued customers and deliver an innovative premium experience.

The business agreement includes: providing wealth management and financial consulting services from Standard Chartered First Bank Korea to AVENUEL customers at Lotte Department Store; and offering exclusive services and shopping benefits equivalent to the AVENUEL tier to Standard Chartered First Bank Korea’s premium customers.

There are also plans to extend AVENUEL benefits to Standard Chartered First Bank Korea's global premium customers.

With this business agreement, both companies will explore various avenues for collaboration by leveraging customer data, such as jointly planning promotions and hosting invitation-only events for valued customers, to expand synergy.

Jung Hyunseok, CEO of Lotte Department Store, stated, "This is significant in that we have established an innovative premium service model that transcends the boundaries between retail and finance," adding, "We will use this as an opportunity to expand our global premium customer base."

This content was produced with the assistance of AI translation services.