This is the second in a series on Korean companies sponsoring female golfers. ─ ED.
By Park Jae-hyuk
Half of the Korean female golfers who have won LPGA Tour tournaments this year, are sponsored by finance companies.
Six players have been sponsored by five finance companies ─ KB Financial Group, KEB Hana Bank, NH Investment & Securities, BC Card and Mirae Asset.
KB supports two winners ─ Olympic gold medalist Park In-bee, who won the HSBC Women's Champions, and Lee Mi-hyang, winner of the Ladies Scottish Open.
Korea's top-tier banking group is known for being the "Daddy Long Legs" for athletes of less popular sport events, including retired figure skater Kim Yuna and former rhythmic gymnast Son Yeon-jae. The Seoul-based lender started sponsoring the two before they gained popularity.
Things are similar for golfers. Lee was a rookie playing in the developmental tour of the LPGA Tour, when KB took her on.
In Park's case, KB began to support her when her career was in a slump and she struggled to find a sponsor. After securing a sponsorship from KB in May 2013, Park became a Grand Slam golfer following her victory at the 2015 LPGA Tour at the Women's British Open.
"Based on the five-year support from KB, I will achieve better results this year," she said, renewing her contract with KB earlier this year. "With KB, I will try my best to become a player who can encourage more people."
KB Chairman Yoon Jong-kyoo also vowed to be a trustworthy partner for Park and other players.
Industry officials said finance companies try to discover prospective athletes, because they don't require as much money as running professional football or baseball clubs.
As they deal with intangible products, the companies seek to make their customers remember them through the image of their sponsored players, according to the officials.
Given that their VIP customers are highly interested in golf, those companies chose the sport as their marketing tool.
They often arrange for their sponsored golfers to play games with customers.
"Customers prefer playing with female golfers with similar driving distances to them," an industry official said, "so the companies invest in female players more than male players."
This marketing strategy can allow banks and other finance firms to promote their brand image to wealthy customers. If the players do well in competitions, the companies can draw public attention as trusted supporters.
Just before Park became a Grand Slam golfer in 2015, KB offered special installment savings that offered higher interest rates if she won. It drew in 222 billion won ($195 million) in six months.
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Half of the Korean female golfers who have won LPGA Tour tournaments this year, are sponsored by finance companies.
Six players have been sponsored by five finance companies ─ KB Financial Group, KEB Hana Bank, NH Investment & Securities, BC Card and Mirae Asset.
KB supports two winners ─ Olympic gold medalist Park In-bee, who won the HSBC Women's Champions, and Lee Mi-hyang, winner of the Ladies Scottish Open.
Korea's top-tier banking group is known for being the "Daddy Long Legs" for athletes of less popular sport events, including retired figure skater Kim Yuna and former rhythmic gymnast Son Yeon-jae. The Seoul-based lender started sponsoring the two before they gained popularity.
Things are similar for golfers. Lee was a rookie playing in the developmental tour of the LPGA Tour, when KB took her on.
In Park's case, KB began to support her when her career was in a slump and she struggled to find a sponsor. After securing a sponsorship from KB in May 2013, Park became a Grand Slam golfer following her victory at the 2015 LPGA Tour at the Women's British Open.
"Based on the five-year support from KB, I will achieve better results this year," she said, renewing her contract with KB earlier this year. "With KB, I will try my best to become a player who can encourage more people."
KB Chairman Yoon Jong-kyoo also vowed to be a trustworthy partner for Park and other players.
Industry officials said finance companies try to discover prospective athletes, because they don't require as much money as running professional football or baseball clubs.
As they deal with intangible products, the companies seek to make their customers remember them through the image of their sponsored players, according to the officials.
Given that their VIP customers are highly interested in golf, those companies chose the sport as their marketing tool.
They often arrange for their sponsored golfers to play games with customers.
"Customers prefer playing with female golfers with similar driving distances to them," an industry official said, "so the companies invest in female players more than male players."
This marketing strategy can allow banks and other finance firms to promote their brand image to wealthy customers. If the players do well in competitions, the companies can draw public attention as trusted supporters.
Just before Park became a Grand Slam golfer in 2015, KB offered special installment savings that offered higher interest rates if she won. It drew in 222 billion won ($195 million) in six months.
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