Park’s equalizer costs Woori Bank millions

I’m still running this as a business story. It’s a follow up to my post a few days ago. The Korea Times today provides more detail on banks’ exposures to the world cup. As well as Hana Bank’s Red Devil Reserve Account, Woori Bank has opened 19,000 “I Love Park Ji-sung” time deposits. Every goal scored by Park increases the interest rate by 20 basis points. Korea Exchange Bank has also launched similar products. A Woori spokesperson said:

A goal from Park costs us millions of won, but that doesn’t matter. We drew many more customers by selling the product.

The full story is here.

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