Financial firms battle for subway naming rights in Seoul

Yeouido Station signboard on Seoul Metro's Lines 5 and 9, featuring Shinhan Securities in brackets / Courtesy of Shinhan Securities

By Lee Yeon-woo

Starting in September, Yeouido Station on Seoul Metro's Line 9 will bear an additional name ― Shinhan Securities. This follows Shinhan Securities' successful bid to acquire naming rights for the station. As a result, Shinhan Securities will now be associated with both Yeouido Stations on Lines 5 and 9, which are at the heart of Korea's financial business district.

The association of a firm's name with Yeouido Station is symbolic, given that the area houses more than 14 securities firms and numerous other financial institutions. The station also sees over 3 million users monthly.

This so-called "second name" can be acquired for metro stations through Seoul Metro's auction system. When a company or institution wins the bid, its name will appear alongside the original station name, enclosed in brackets. This name is also announced on trains and displayed on various road and station signs.

This three-year naming agreement has gained significant traction, especially among financial institutions.

Shinhan Card secured the naming rights for Euljiro 3-ga Station on Seoul Metro Lines 2 and 3 with a record bid of 874 million won ($650,781). Meanwhile, Hana Bank claimed the name for Euljiro 3-ga Station on Line 2, after beating Industrial Bank of Korea. Woori Financial Group won Myeong-dong Station on Line 4, and KB Financial Group won Saetgang Station on Line 9, among others.

Despite the steep price, often in the hundreds of millions of won, obtaining such naming rights is seen as a valuable opportunity for brand promotion, transforming the firm into a regional landmark.

Standard Chartered Bank Korea, which has had its name associated with Jonggak Station on Line 1 since 2017, observed a 3 percent increase in brand awareness as a result of this initiative. Shinhan Securities also expects to bolster its brand's presence and connect more intimately with customers.