Currently serving in the military, Cha Eunwoo recently found himself at the center of a massive tax controversy. Reports state that the National Tax Service accused him of evading taxes worth over ₩20 billion (~$15 million) by funneling income through a one-person company established by his mother. The National Tax Service reportedly viewed the firm as a paper company used to avoid Korea’s top personal income tax rate, sparking one of the largest tax disputes ever involving a celebrity.
As the scandal grew, Shinhan Bank acted swiftly, removing all promotional content featuring Cha Eunwoo from its official YouTube and social media accounts. Just months ago, Cha had been introduced as the new face of the bank’s “group savings account” product with the catchy tagline: “A good-looking account for good gatherings.” The campaign had received widespread attention, making the sudden takedown even more notable.
This isn’t the first time Shinhan has had to navigate celebrity-related controversy. Actor Kim Soo Hyun previously served as the face of the group’s premier asset management service. However, allegations surfaced about a past underage relationship with the late actress Kim Sae Ron. Following the uproar, all promotional content featuring Kim was swiftly pulled.
NewJeans also faced complications. While their 2022 partnership as ambassadors for Shinhan’s “New SOL” app was considered a marketing hit, the group’s protracted contract dispute with their agency ADOR ultimately led to the end of their collaboration with the brand. Their sudden replacement, despite being heavily featured 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 company’s headquarters’ façade and garnering millions of views for his ads within just a month. However, with the emerging tax scandal, Shinhan’s latest brand strategy is now under pressure.
Industry insiders point out that as competition intensifies in finance-sector advertising, the image of a celebrity directly impacts the brand’s credibility. The repeated issues involving Kim Soo Hyun, NewJeans, and now Cha Eunwoo have reignited debate: is this just an unfortunate coincidence or a recurring pattern of public relations misfires? Either way, the spotlight is firmly on Shinhan’s advertising choices once again.
Sources: Daum
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