Shinhan Financial Group Expands Central Asian Financial Network Through Cooperation With Uzbekistan and Kazakhstan
- Input
- 2026-09-17 10:59:57
- Updated
- 2026-09-17 10:59:57
Shinhan Financial Group announced on the 17th that it would expand financial cooperation in Central Asia by signing agreements with Uzbekistan’s Ministry of Investment, Industry and Trade and Kazakhstan’s state-owned development finance group Baiterek over two days from the 14th.
Shinhan Financial Group has maintained exchanges with Uzbek government officials, including the deputy prime minister in December last year and the minister of investment, industry and trade in June this year. The latest cooperation agreement was designed to develop the discussions between the two sides into concrete projects supported by implementation resources, including budgets and personnel.
Shinhan Financial Group and Uzbekistan’s Ministry of Investment, Industry and Trade will pursue several initiatives, including establishing a funding limit of up to $200 million for local financial institutions, jointly identifying local investment projects, and participating in project financing for infrastructure and renewable energy projects. They plan to identify follow-up tasks through a regular consultative body.
Following the signing of the cooperation agreement, Jin Ok-dong, chairman of Shinhan Financial Group, also held a separate meeting with Uzbek President Shavkat Mirziyoyev, who was visiting South Korea to attend a summit. They discussed the development of Uzbekistan’s financial industry and ways to expand Shinhan Financial Group’s local business.
On the same day, Shinhan Financial Group signed a memorandum of understanding with Kazakhstan’s state-owned development finance group Baiterek to strengthen financial cooperation at the Korea-Kazakhstan Business Roundtable. The two sides agreed to share information on Kazakhstan’s local financial market and Shinhan Financial Group’s financial expertise through job training, study visits, seminars and workshops. They also plan to expand their partnership to include financial support for Kazakhstan’s industrial and infrastructure development, as well as for Korean companies operating in the country.
“Uzbekistan is a key market in Central Asia with high growth potential and dynamism,” Jin said. “Using this cooperation agreement as an opportunity, we will make practical investment and procurement cooperation more concrete and support the shared growth of the financial industries.” He added, “We will also expand the exchange of financial expertise and infrastructure and corporate financing support with Kazakhstan to strengthen our role as a financial bridge connecting Korea and Central Asia.”
Meanwhile, Shinhan Financial Group is expanding its business presence in Central Asia. Shinhan Bank opened a representative office in Tashkent, Uzbekistan, in 2009 and is now pursuing the establishment of a local subsidiary.
[email protected] Hyun-jung Lee Reporter