Currently serving in the military, Cha Eunwoo recently found himself at the center of a huge tax controversy. Reports state that the National Tax Service has accused him of evading taxes worth more than ₩20 billion (~$15 million) by funneling revenue through a single-member company founded by his mother. The National Tax Service reportedly regarded the company as a paper company used to avoid Korea’s top personal income tax rate, triggering one of the biggest tax disputes ever involving a celebrity.
As the scandal grew, Shinhan Bank acted quickly, removing all promotional content featuring Cha Eunwoo from its official YouTube and social media accounts. Just a few months ago, Cha was introduced as the new face of the bank’s “group savings account” product with the catchy slogan: “A good-looking account for good meetings.” The campaign had received widespread attention, making the sudden removal even more notable.
This isn’t the first time Shinhan has faced celebrity-related controversies. Actor Kim Soo Hyun was previously the face of the group’s flagship wealth management service. However, allegations have surfaced about a past underage relationship with the late actress Kim Sae Ron. Following the uproar, all promotional content featuring Kim was quickly pulled.
NewJeans also faced complications. While their partnership in 2022 as ambassadors for Shinhan’s “New SOL” app was considered a marketing success, the group’s long-running contractual dispute with their agency ADOR ultimately led to the end of their collaboration with the brand. Their sudden replacement, despite featuring heavily in campaigns for Shinhan’s integrated app, left many fans disappointed.
Hoping for a fresh start, Shinhan launched a new campaign in 2025 with Cha Eunwoo at the forefront, replacing NewJeans on the facade of the company’s headquarters and garnering millions of views for its ads in just a month. However, with the emerging tax scandal, Shinhan brand’s latest strategy is now under pressure.
Industry experts point out that as competition in financial sector advertising intensifies, a celebrity’s image has a direct impact on brand credibility. Repeated issues involving Kim Soo Hyun, NewJeans and now Cha Eunwoo have reignited the debate: Is this just an unfortunate coincidence or a recurring pattern of public relations failures? In any case, the spotlight is once again on Shinhan’s advertising choices.
Sources: Daum
