Korea’s major banks are spending big on star power.
As competition heats up, banks are moving beyond the traditional “one trusted face” strategy and building celebrity-packed rosters that include actors, idols, athletes and TV personalities. Last year, the five major commercial banks’ combined ad spending topped 800 billion won (approximately $532 million) for the first time.
According to the financial industry, banks are diversifying their model lineups to reach different generations and sharpen their brand image.
Kookmin Bank (KB) recently signed director Jang Hang Jun and writer Kim Eun Hee, a married couple, to boost its friendly image, while NongHyup Bank tapped TV personality Kian84 as its new model.
Top-tier stars remain in high demand. KB Financial Group continues to work with figure skating icon Kim Yuna and actress Park Eun Bin. Industry insiders say Kim Yuna earns more than 1 billion won per campaign, while Park Eun Bin receives at least 700 million won a year. KB has also signed girl group Hearts2Hearts, whose annual fee reportedly exceeds 350 million won.
NongHyup Bank recently brought on actor Park Ji Hoon, whose value rose after the success of The King’s Warden. Byeon Woo Seok, another existing model, reportedly doubled his fee after his recent hit projects, with his annual rate estimated at around 1 billion won.
Hana Bank spent the most on advertising last year, at 177.6 billion won. Its star-studded lineup includes Son Heung Min, IVE’s An Yujin, Lim Young Woong, Kang Ho Dong and G-Dragon. G-Dragon’s annual fee, estimated at 3 billion won, is considered one of the highest in the industry, while An Yujin reportedly earns around 700 million won a year.
Woori Bank followed with 167.3 billion won in ad spending. Woori Financial Group works with IU, while Woori Bank has signed IVE’s Jang Wonyoung.
Shinhan Bank spent 157.6 billion won last year and is working with Park Bo Gum, whose annual fee is estimated at around 1.2 billion won. NongHyup Bank recorded 145.8 billion won in ad spending.
The spending spree reflects a bigger shift: banks are fighting not just for trust, but for app users, brand recognition and younger customers.
But it is not without risk. A model’s personal controversy can quickly spill over onto the brand. Shinhan Financial Group, for instance, has faced headaches involving tax-related controversy around Cha Eun Woo, controversy surrounding Kim Soo Hyun and the NewJeans dispute.
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