Baku, Azerbaijan, March 12
By Fakhri Vakilov - Trend:
Uzpromstroybank (Uzbekistan) and KEB Hana Bank (South Korea) have signed a cooperation agreement, Trend reports via Uzbek media.
The document is aimed at joint development of a cooperation plan and marketing advances in remittances between customers of two banks in both countries, conducting consultations on improving the quality of services.
The sides agreed to exchange market and regulatory information, as well as organize training seminars for specialized specialists of the bank.
The share of KEB Hana Bank in the Korea money transfer market is about 60 percent, or $3.2 billion. As of 2018, about 70,000 migrants from Uzbekistan are arriving in Korea, about half of whom were labor.
Uzpromstroybank opened a correspondent Nostro accounts in US dollars and euros in this Korean bank in 2018 in order to create convenience for Uzbek migrants in South Korea.
Especially for Uzbekistan, KEB Hana Bank reduced the cost for opening Vostro accounts, as well as fees for transfers via ATMs (easy-one service) and mobile applications (mobile banking). Thus, for any transfer amount, the client pays a commission of 8,000 Korean won ($7), except for the amount of $10,000 through a mobile application, where the client will have to pay a commission of 10,000 Korean won ($9).
Founded in 1967, Keb Hana Bank is the largest bank in South Korea in terms of assets. Currently, it has more than 160 branches in 24 countries in Europe, the Middle East, South America and the Asia-Pacific region. The Bank provides its customers with a wide range of banking services.
The total assets of bank as of December 31, 2018 were $340.1 billion, the total capital was $24 billion, the total amount of loans issued by the bank to customers was $179.5 billion and the net profit was $1.8 billion.
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