Hana Bank Applies for Approval to Open an Office in Uzbekistan

[Financial News] Hana Bank is accelerating its expansion into Central Asia, using Uzbekistan as a bridgehead.
According to the financial industry on the 31st, Hana Bank recently applied to The Central Bank of the Republic of Uzbekistan for approval to open an office. As cooperation between Korean and Uzbek companies has been increasing, the bank plans to establish a local base and provide financial services to companies entering the market.
Shinhan Bank, which established a representative office in Tashkent, Uzbekistan, in 2009, is currently pushing ahead with plans to set up a local subsidiary. If Shinhan Bank establishes a local entity in Uzbekistan, it will become its 11th overseas subsidiary. Shinhan Financial Group Co., Ltd. also plans to gradually expand its business base in the local financial market by entering the region alongside Shinhan Card, which has experience in retail businesses such as auto finance in Central Asia.
Korean banks are stepping up their expansion into Uzbekistan because of its strong growth potential. Uzbekistan posted economic growth of more than 7% last year. Its population of about 37 million and average age of 29 also make it an attractive 'young country.'

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