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Shinhan Financial Group Chairman Jin Ok-dong (right) and Shinhan Bank CEO Jeong Sang-hyuk (center) meet with officials during a business roundtable with Uzbekistan's Ministry of Investment, Industry and Trade on the 15th. / Photo courtesy of Shinhan Financial Group

Shinhan Financial Group has moved to expand financial cooperation across Central Asia by signing back-to-back agreements with Uzbekistan and Kazakhstan. The group plans to establish a financing facility of up to 200 million dollars for local Uzbek financial institutions, while collaborating with Kazakhstan's state-owned development financial group to share financial expertise and support enterprises entering the local market.

Shinhan Financial announced on the 17th that it signed consecutive agreements with Uzbekistan's Ministry of Investment, Industry and Trade and Kazakhstan's state-owned development holding group Baiterek on the 14th and 15th.

Shinhan Financial signed a cooperation agreement with Uzbekistan's Ministry of Investment, Industry and Trade. The two sides agreed to establish a financing facility of up to 200 million dollars for local financial institutions, jointly discover local investment projects, and participate in project financing for infrastructure and renewable energy. They will also identify follow-up initiatives through a regular consultative body.

This cooperation agreement was designed to develop ongoing discussions with local government officials—including the Uzbek Deputy Prime Minister in December last year and the Minister of Investment, Industry and Trade in June this year—into concrete projects supported by budgets and dedicated personnel.

Following the signing of the agreement, Shinhan Financial Group Chairman Jin Ok-dong held a separate meeting with Uzbek President Shavkat Mirziyoyev, who was visiting South Korea for a summit, to discuss measures for advancing the Uzbek financial industry and expanding Shinhan's local operations.

Shinhan Financial also signed a memorandum of understanding with Baiterek, Kazakhstan's state-owned development holding group, to strengthen financial cooperation.

The two parties agreed to exchange information on the local Kazakh financial market and share Shinhan Financial's operational know-how through job training programs, study visits, seminars, and workshops. They also plan to broaden their scope of collaboration to include industrial and infrastructure development in Kazakhstan and financial support for Korean companies operating locally.

"Uzbekistan is a key Central Asian market with high growth potential and dynamism," Jin said. "With this cooperation agreement as momentum, we will flesh out tangible cooperation in investment and procurement while supporting the mutual growth of the financial sector."

He added, "We will also strengthen our role as a financial bridge connecting South Korea and Central Asia by expanding financial know-how exchanges and providing infrastructure and corporate financing in Kazakhstan as well."

                                                                                                              Park Seo-a