A South Korean movie serving as the underlying for a Woori product has met its second tier payoff condition, paving the way for more movie-based products.
More than 1.8m people went to see the South Korean production As One, according to the Korean Film Council.
Woori Bank issued its Woori Cinema Time Deposit (Korea) 1 in May, linked to the cinematic production of the first ever unified Korean table tennis team, where the women's team beat a previously undefeated China at the 1991 World Table Tennis Championships in Chiba, Japan.
The product promised a coupon of 3.7% if final attendance was below one million and a coupon of 3.8%, 3.9% and 4% if box office attendance was more than one million, two million or three million, respectively.
The movie debuted in the number two spot and was on track to breach the two million viewer mark. However, its concurrent showing with Marvel's Avengers, financed by Merrill Lynch, prevented the numbers reaching this figure.
Senior manager in Woori Bank's product engineering department, Changsub Lee, said that the bank was encouraged by the film's success and that they would consider launching more movie-linked products depending on how many people opened accounts for the product, which is part of the firm's joint marketing strategy with the movie's producers.
It is the South Korean bank's second product using movie attendance as an underlying after its Woori Cinema Time Deposit (My Way) paid a coupon of 3.8% on top of capital to subscribers, after the movie garnered more than one million viewers.
South Korea's interest rate reached a high of 3.2% in the latter half of 2011 and first half of this year, before it declined to 3% this month.