On June 24, Shinhan Financial Group announced that it held discussions at the Lotte Hotel in Seoul with Laziz Kudratov, Uzbekistan's Minister of Investment, Industry and Trade, and a delegation regarding ways to enhance investment and financial cooperation between the two nations.
The meeting was initiated by Uzbekistan's proposal to strengthen trade and investment collaboration with South Korea. Both sides discussed various cooperation measures, including financial support for South Korean companies entering Uzbekistan, collaboration for the development of the local financial market, and the establishment of a Shinhan Bank branch in Uzbekistan.
Shinhan Bank has been working towards establishing a local branch based on its experience gained since opening a representative office in Tashkent, Uzbekistan, in 2009. If established, this would be Shinhan Bank's 11th overseas branch.
Shinhan Bank has built a foundation in the Central Asian market through its subsidiary in Kazakhstan. Last year, Shinhan Kazakhstan Bank reported a net profit of 56.87 billion won.
Previously, Shinhan Financial has maintained its commitment to Central Asian financial cooperation, with Jin Ok-dong visiting the financial authorities of Kazakhstan and Uzbekistan in April last year to discuss the development of the financial industry. Later that year, he also met with Uzbekistan's Deputy Prime Minister Jamshid Khojayev during his visit to South Korea.
Chairman Jin stated, "Uzbekistan is a key market with high growth potential and dynamism in Central Asia. Shinhan Financial aims to contribute to the development of financial infrastructure and the expansion of economic cooperation between the two countries as a long-term partner growing alongside the local financial market."
* This article has been translated by AI.
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