BAKU, Azerbaijan, September 15. Uzbekistan and South Korea’s Shinhan Financial Group are advancing plans to establish a Shinhan Bank subsidiary in Uzbekistan as part of broader efforts to deepen financial cooperation and expand investment financing.
This was reflected in the statement by the press service of the Uzbek president, following a meeting between President Shavkat Mirziyoyev and Shinhan Financial Group Chairman Jin Ok-dong in Seoul as part of the Uzbek leader’s state visit to South Korea.
According to the information, in the course of the meeting, the sides discussed opportunities to expand financial cooperation and support investment projects in Uzbekistan’s infrastructure, renewable energy and industrial sectors.
"The meeting highlighted the signing of an agreement to provide credit lines to commercial banks in Uzbekistan. The financing is expected to strengthen the capacity of local banks to support investment and business activity. Particular attention was given to plans to establish a subsidiary of Shinhan Bank in Uzbekistan, which would further expand the South Korean financial group’s presence in the country’s banking sector," the statement said.
The sides also expressed interest in introducing new financing instruments, including green lending mechanisms, as Uzbekistan seeks to mobilize more funding for sustainable development and renewable energy projects.
Digital banking and financial solutions for small and medium-sized businesses were also identified as promising areas for cooperation. The expansion of digital financial services could provide Uzbek businesses with broader access to banking products and financing.
The discussions reflect Uzbekistan’s broader efforts to attract South Korean financial institutions and diversify sources of investment financing, particularly for infrastructure, industrial modernization and the transition to cleaner energy.
The potential establishment of a Shinhan Bank subsidiary would also create opportunities to deepen financial links between the two countries and support Korean companies operating or planning to invest in Uzbekistan.
The meeting formed part of Mirziyoyev’s state visit to South Korea, during which the two countries have been seeking to expand economic cooperation and attract new investment across strategic sectors.
