One of South Korea's largest banks begins operations in Uzbekistan
South Korea's major lender, Shinhan Bank, is planning to enter the Uzbek financial market by establishing a fully operational local subsidiary. The bank intends to submit the required documentation to regulatory bodies in the first half of this year. If approved, this move would make Shinhan Bank the first Korean commercial bank to operate in Uzbekistan, with full operations anticipated to commence next year. The bank aims to leverage its successful experience from its operations in Kazakhstan.
Shinhan Bank, one of South Korea's largest banks, is developing a plan to enter the financial system of Uzbekistan.
According to reports, the financial institution intends to open a full-service local subsidiary in the country. It is planned that the necessary documents will be submitted to the relevant regulatory authorities in the first half of this year.
If the project is approved, it will become Shinhan Bank's 11th branch abroad and the first Korean commercial bank to begin operations in Uzbekistan.
Currently, the bank has reached preliminary agreements with local regulators, and most of the preparatory work has been completed. Full-fledged operations may begin next year.
Shinhan Bank plans to develop its operations in Uzbekistan based on its successful experience in Kazakhstan.
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