BAKU, Azerbaijan, September 15. Uzbekistan and
South Korea’s Shinhan Financial Group are advancing plans to
establish a Shinhan Bank subsidiary in Uzbekistan as part of
broader efforts to deepen financial cooperation and expand
investment financing.
This was reflected in the statement by the press service of the
Uzbek president, following a meeting between President Shavkat
Mirziyoyev and Shinhan Financial Group Chairman Jin Ok-dong in
Seoul as part of the Uzbek leader’s state visit to South Korea.
According to the information, in the course of the meeting, the
sides discussed opportunities to expand financial cooperation and
support investment projects in Uzbekistan’s infrastructure,
renewable energy and industrial sectors.
"The meeting highlighted the signing of an agreement to provide
credit lines to commercial banks in Uzbekistan. The financing is
expected to strengthen the capacity of local banks to support
investment and business activity. Particular attention was given to
plans to establish a subsidiary of Shinhan Bank in Uzbekistan,
which would further expand the South Korean financial group’s
presence in the country’s banking sector," the statement said.
The sides also expressed interest in introducing new financing
instruments, including green lending mechanisms, as Uzbekistan
seeks to mobilize more funding for sustainable development and
renewable energy projects.
Digital banking and financial solutions for small and
medium-sized businesses were also identified as promising areas for
cooperation. The expansion of digital financial services could
provide Uzbek businesses with broader access to banking products
and financing.
The discussions reflect Uzbekistan’s broader efforts to attract
South Korean financial institutions and diversify sources of
investment financing, particularly for infrastructure, industrial
modernization and the transition to cleaner energy.
The potential establishment of a Shinhan Bank subsidiary would
also create opportunities to deepen financial links between the two
countries and support Korean companies operating or planning to
invest in Uzbekistan.
The meeting formed part of Mirziyoyev’s state visit to South
Korea, during which the two countries have been seeking to expand
economic cooperation and attract new investment across strategic
sectors.
