Banks capitalize on patriotism
A model promotes Woori Bank's events held to commemorate the 74th anniversary of liberation on Aug. 15. / Courtesy of Woori Bank
By Park Jae-hyuk
The nation's banks have been ramping up their efforts to use patriotism as a marketing tool, amid the intensifying tension between Korea and Japan following Japan's restrictions on exports to Korea.
Ahead of the 74th anniversary of Korea's liberation on Aug. 15, banks have begun advertising various special offers to attract more customers.
On Thursday, Woori Bank came up with a special fixed deposit account that offers preferential interest rates.
The bank said it released the product to celebrate the 74th anniversary of liberation and the 120th anniversary of Woori Bank's foundation.
It will also give tickets for the movie “The Battle: Roar to Victory” until Aug. 13 to customers who apply for unsecured loans and those who agree on the bank using their personal information for marketing the bank and its affiliates.
The movie tells the story of the first victory of Korean independence fighters who were part of a massive battle against the Japanese army at Fengwudong in Manchuria, China, in 1920.
“As a bank which was set up with the national wealth in 1899, we decided to hold the events to honor independence fighters and to express our gratitude to our customers,” a Woori Bank official said.
Woori Bank was originally named Daehan Cheon-il Bank, the first Korean-run modern bank on the Korean Peninsula.
King Gojong, later known as Emperor Gwangmu, financed the bank's establishment, to counteract Japanese merchants who had gained commercial supremacy on the peninsula.
KB Kookmin Bank plans to hold a ceremony celebrating the completion of the Proclamation of Korean Independence Plaza on Aug. 15 at a site where the Taehwagwan Restaurant in Seoul was.
On March 1, 1919, 33 activists read the declaration of independence at the restaurant, sparking the March 1 Movement, a series of demonstrations for Korean national independence from Japan that began in Seoul and soon spread throughout the country.
Daegu Bank will offer preferential interest rates to customers who open a special installment savings account until Aug. 16.
Bankbooks for the account will be decorated with images symbolizing National Liberation Day.
The subsidiary of DGB Financial Group also put a large national flag of Korea on display in a plaza in front of its main branch in Daegu, so that citizens could take photos.
OK Savings Bank also came up with a special deposit account offering higher interest rates.
The savings bank has begun offering preferential interest rates to independence fighters and their descendants as well.
According to the company, its employees working at branches nationwide will wear T-shirts commemorating National Liberation Day until Aug. 15.
The National Credit Union Federation of Korea (NCUFOK) employees promote the “8.15 Liberation Loan” at the federation's headquarters in Daejeon, Tuesday. / Courtesy of NCUFOK
Credit Union came up with a special loan product named the “8.15 Liberation Loan.”
Those who borrowed money from other financial institutions at high interest rates can refinance their loans with Credit Union's new loan product.
Credit Union said it will lend money to them at up to 8.15 percent interest rates.