The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

South Korea’s Woori Bank profits by attaching itself to Oscar-winning film Parasite

Woori Bank’s investment in Parasite has paid off handsomely, as punters around the world flock to see the first foreign language winner of best picture.

Bong-Joon-ho-oscars-parasite-R-780.jpg

Parasite director Bong Joon-ho with his Oscars



A pair of far-sighted investments in the Academy Award-winning film Parasite are set to pay hefty dividends to two of South Korea’s leading lenders.

Woori Bank pumped KRW300 million ($255,000) into the film two years ago, a spokesman in the bank’s investor relations department told Euromoney.

He said the investment was “purely a commercial decision”, and added: “We are all very proud [of its] success.” State-run Industrial Bank of Korea (IBK) injected KRW120 million into the film at the same time, also indirectly and via an investment vehicle.

Both banks stand to make a mint from a film that, as of Monday, had grossed $176 million worldwide, according to IMDbPro, including $35 million in the US and $72 million in its home market.

On its release in October, director Bong Joon-ho said Parasite’s budget was one-fifth of his previous film, a Netflix release called Okja, which cost $50 million to make.



The nation’s lenders, hobbled by low margins at home, and struggling to embed themselves in more lucrative markets across Asia, are turning to mainstream pop culture to sell their wares to a new generation of customers


Based on that data and breaking down Parasite’s neatly round-numbered budget of $10 million means that Woori could have already pocketed a clean profit of $4.25








You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree