K-pop sensation NewJeans promotes SOL, a mobile app that offers services for Shinhan Financial Group's affailites, in this promotional image. Courtesy of Shinhan Financial Group

Shinhan Financial Group said Friday it will keep K-pop sensation NewJeans as a model for its banking arm and relevant brands, despite an escalating in-house conflict at the country's entertainment giant HYBE.

The announcement came a day after CEO Min Hee-jin of ADOR, the HYBE subsidiary label behind NewJeans, refuted allegations raised by HYBE executives that she attempted to secretly take over the label.

She strongly denied the allegations during a press conference, revealing private messages between her and HYBE executives.

"We are concerned about what is happening surrounding NewJeans, but even so, we remain unchanged when it comes to our contract with NewJeans," a public relations staffer at Shinhan Financial Group said.

The company signed the contract with NewJeans in 2022, the year of their debut when they immediately shot to fame.

The area of their promotion centers on Shinhan Bank and the SOL mobile app which offers services for Shinhan affiliates.

The banking group's response, Friday, drew attention in the financial and advertising industries, as hallyu stars are popular for promoting financial firms' marketing campaigns.

For instance, Woori Financial Group extended its contract with K-pop singer IU, Wednesday, for another two years following their first deal in 2022.

Hana Financial Group inked a deal with Lim Young-woong, also a singer, in February, successfully drawing middle-aged and older customers who are among his fans.

For KB Financial Group, actress Park Eun-bin has been serving as its model since March 2023 following the success of TV series "Extraordinary Attorney Woo."