Shinhan Financial Group Boosts Financial Cooperation with Uzbekistan, Driving Key Investments
Shinhan Financial Group made a significant announcement on Thursday regarding its strategic international expansion. The group confirmed a productive meeting with Uzbekistan’s Minister of Investment, Industry and Trade, Laziz Kudratov, held in Seoul. Discussions primarily focused on substantially expanding financial cooperation and actively supporting investments by Korean companies in the Central Asian country. This high-level engagement underscores Shinhan Financial’s commitment to strengthening bilateral economic ties.
The important meeting, which convened at the Lotte Hotel Seoul on Wednesday, is the latest in a series of strategic exchanges designed to fortify financial relationships between South Korea and Uzbekistan. Shinhan Financial Group Chairman Jin Ok-dong previously undertook a visit to Kazakhstan and Uzbekistan in April 2025, laying crucial groundwork for future partnerships. Chairman Jin also held discussions with Uzbekistan’s Deputy Prime Minister Jamshid Khodjayev during his subsequent visit to Korea, further highlighting the ongoing diplomatic and economic dialogue.
Notably, the Uzbek government initiated this recent meeting during Minister Kudratov’s visit to Korea, with the explicit aim of actively promoting bilateral trade and investment opportunities. Both parties expressed strong mutual interest in deepening their economic partnership and exploring new avenues for collaboration.
Key points of discussion included comprehensive strategies to broaden investment and financial cooperation. These initiatives encompass crucial financing solutions tailored for Korean companies seeking entry into the Uzbek market, collaborative efforts within Uzbekistan’s rapidly developing financial sector, and Shinhan Bank’s strategic plan to establish a local subsidiary in the nation. This move is anticipated to significantly enhance financial services and support for both Korean and local businesses.
Shinhan Bank has maintained a consistent and impactful presence in Tashkent, operating a representative office since 2009. Leveraging its extensive experience and profound understanding of the local market dynamics, the bank is now diligently preparing to launch a full-fledged subsidiary, marking a significant advancement in its operational capabilities within Uzbekistan.
Beyond traditional banking services, Shinhan Financial Group is also poised to broaden its footprint across the wider Central Asian region. This strategic expansion will capitalize on Shinhan Card’s recognized expertise in consumer finance, particularly in high-growth sectors such as auto financing, to cater to the evolving demands of the region’s markets.
Emphasizing the strategic significance of this deepening partnership, Chairman Jin Ok-dong remarked, “Uzbekistan represents a pivotal market within Central Asia, distinguished by its robust growth potential. As a dedicated, long-term partner, Shinhan Financial Group is committed to making substantial contributions to the development of Uzbekistan’s financial infrastructure and expanding the scope of economic cooperation between our two dynamic nations.”
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