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Clockwise from left are actor Kim Soo-hyun, Ok-pop lady group NewJeans and actor Cha Eun-woo — all Shinhan Financial institution’s celeb endorsers who had been later embroiled in high-profile scandals. / Courtesy of Shinhan Financial institution
Shinhan Financial institution is dealing with contemporary backlash over its model marketing campaign with actor Cha Eun-woo, who joins different high Korean celebrities employed as the corporate’s endorsers however who later turned embroiled in high-profile scandals.
Additionally a member of the Ok-pop boy band Astro, Cha allegedly evaded revenue taxes value 20 billion received ($13.86 million) by means of a suspected shell firm managed by his mom, in keeping with the Nationwide Tax Service (NTS).
The NTS has ordered Cha to pay the 20 billion received, the most important quantity imposed on a Korean celeb thus far, tarnishing his picture after the information circulated broadly final week.
The event was additionally damaging for Shinhan Financial institution, which has been specializing in model campaigns to drive progress within the fast-evolving banking business within the digital period.
The nation’s second-largest lender signed an endorsement cope with Cha in February 2025, following setbacks in campaigns with actor Kim Soo-kyun and the Ok-pop lady group NewJeans.
The corporate had beforehand signed a contract with Kim in June 2024, leveraging his reputation from main roles in main hit dramas reminiscent of “My Love from the Star” (2013), “It’s Okay to Not Be Okay” (2020) and “Queen of Tears” (2024).
Nonetheless, Kim’s picture suffered after rumors surfaced alleging an underage relationship with the late actress Kim Sae-ron, who was reportedly 15 on the time whereas he was in his 20s.
Though the actor held a press convention in March 2025 to refute the claims, he didn’t absolutely make clear the allegations.
As for NewJeans, the group was employed as Shinhan Financial institution’s model ambassador in October 2022 and later turned the centerpiece of the financial institution’s branding efforts with the launch of its built-in app, Shinhan Tremendous SOL, in late 2023.
The band was then embroiled in a administration dispute with Ok-pop powerhouse HYBE in April 2024.
The battle, which additionally concerned NewsJeans creator Min Hee-jin, has led to authorized battles over breach of contract and monetary damages, leaving the unique five-member group fractured, with one member, Danielle, now excluded.
“This have to be a headache for the financial institution as A-list endorsers face controversies one after one other, highlighting the problem of extra fastidiously reviewing the private lives of potential ambassadors and deciding on fashions accordingly,” a enterprise administrations professor stated on situation of anonymity.
The professor stated the banks must also take into account “a extra cost-efficient and ethically protected technique,” as an alternative of sticking completely to high-cost celeb endorsements.
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