Shinhan hit by slew of controversies over celebrity endorsers

Clockwise from left are actor Kim Soo-hyun, K-pop girl group NewJeans and actor Cha Eun-woo — all Shinhan Bank’s celebrity endorsers who were later embroiled in high-profile scandals. / Courtesy of Shinhan Bank

Shinhan Bank is facing fresh backlash over its brand campaign with actor Cha Eun-woo, who joins other top Korean celebrities hired as the company’s endorsers but who later became embroiled in high-profile scandals.

Also a member of the K-pop boy band Astro, Cha allegedly evaded income taxes worth 20 billion won ($13.86 million) through a suspected shell company managed by his mother, according to the National Tax Service (NTS).

The NTS has ordered Cha to pay the 20 billion won, the largest amount imposed on a Korean celebrity to date, tarnishing his image after the news circulated widely last week.

The development was also damaging for Shinhan Bank, which has been focusing on brand campaigns to drive growth in the fast-evolving banking industry in the digital era.

The country’s second-largest lender signed an endorsement deal with Cha in February 2025, following setbacks in campaigns with actor Kim Soo-kyun and the K-pop girl group NewJeans.

The company had previously signed a contract with Kim in June 2024, leveraging his popularity from leading roles in major hit dramas such as “My Love from the Star” (2013), “It’s Okay to Not Be Okay” (2020) and “Queen of Tears” (2024).

However, Kim’s image suffered after rumors surfaced alleging an underage relationship with the late actress Kim Sae-ron, who was reportedly 15 at the time while he was in his 20s.

Although the actor held a press conference in March 2025 to refute the claims, he did not fully clarify the allegations.

As for NewJeans, the group was hired as Shinhan Bank’s brand ambassador in October 2022 and later became the centerpiece of the bank’s branding efforts with the launch of its integrated app, Shinhan Super SOL, in late 2023.

The band was then embroiled in a management dispute with K-pop powerhouse HYBE in April 2024.

The conflict, which also involved NewsJeans creator Min Hee-jin, has led to legal battles over breach of contract and financial damages, leaving the original five-member group fractured, with one member, Danielle, now excluded.

“This must be a headache for the bank as A-list endorsers face controversies one after another, highlighting the challenge of more carefully reviewing the personal lives of potential ambassadors and selecting models accordingly,” a business administrations professor said on condition of anonymity.

The professor said the banks should also consider “a more cost-efficient and ethically safe strategy,” instead of sticking exclusively to high-cost celebrity endorsements.