Shinhan Bank, the flagship bank of the nation’s largest banking unit Shinhan Financial Group, was named the best private banking service operator in South Korea.

The bank’s private wealth management sector received the Asian Banker’s Excellence in Retail Financial Services Award 2015 for best private banking, officials said Thursday.

The Asian Banker, a prestigious financial journal based in Singapore, annually singles out the best banking practices in retail financial services, technology and operations and transaction banking.

Shinhan’s private wealth management service, launched in 2011, was Korea’s first comprehensive financial service to incorporate both banking and securities.

Shinhan was also awarded for best private banking by the Korean Standards Association and the Korea Management Association last year, marking seven and six straight consecutive years, respectively.

(tellme@heraldcorp.com)