Shinhan Bank is close to opening a branch in Uzbekistan
One of South Korea’s largest banks — Shinhan Bank — is preparing to open a branch in Uzbekistan. Zamin.uz reported this.
The international financial institution has already collected the documents needed to register a local enterprise that will provide full services in our country. Soon, in the first half of this year, the project materials will be submitted to the Central Bank and other regulatory bodies.
If a license is granted, Shinhan Bank’s Uzbekistan branch will become its eleventh division abroad. It will also go down in history as the first Korean commercial bank to officially start operations here.
An agreement was reached following initial talks with bank representatives. Most of the preparatory work has been completed, and the remaining steps will be set shortly.
Shinhan Bank’s management plans to fully launch operations in Uzbekistan in January 2025. Korean experts are building the business model on the successful experience gained in Kazakhstan.
There, they entered the market in the same way and offered innovative banking services to local corporate clients. Now, together with the Uzbek side, concepts for public offer terms, deposit rates, cards and online services are being developed.
The bank’s entry will bring a new flow of funds into our country’s financial system. This will involve implementing audit, corporate governance and risk-assessment systems that meet international standards.
Moreover, the volume of Korean investments will increase, export-import operations will be simplified, and new credit lines will open for local enterprises. Remote banking services will develop, and the level of digital payments and cryptographic protection will rise.
Shinhan Bank was founded in 1897 and today its assets exceed 500 billion dollars. It serves 18 million customers in more than 20 countries with over 18 thousand employees.
The bank is rated “AA-” by Moody’s, S&P and Fitch. Entering the Uzbek market is a key part of its Central Asia strategy.
