Quicksummer Entertainment LLC

Banks Seek to Ride on Hallyu

The entertainment industry is emerging as a major source of investment for banks as Korean pop culture enjoys growing popularity in many Asian countries. The Industrial Bank of Korea, the National Agriculture Cooperative Federation (NACF) and the Korea Development Bank (KDB) recently agreed to invest in a motion picture fund set up by the Small Business Corporation (SBC) to nurture the entertainment sector and develop new sources of earning. The fund investing in movies, television dramas and games will be managed by Korea Venture Invest Corp., an investment arm of the SBC. It is the first time that domestic banks have invested in a movie fund, on par with other investors, without being guaranteed with the protection of their investment principal. ``Banks used to apply strict criteria in spending money on entertainment products, but they are becoming much more aggressive, an SBC official said. ``They are paying keen attention to the fact that Korean pop culture is becoming a magnet for Asian teenagers and is extending its reach into other regions.`` The official said the NACF and KDB invested 1 billion won each into the fund, while the Industrial Bank put in 1.6 billion won. The SBC said the fund would collect 15 billion won from investors for the projects. Full story: http://times.hankooki.com/lpage/biz/200601/kt2006011017431011890.htm
2006-01-11 19:39:23