Shinhan Financial Signs MOUs with Uzbekistan and Kazakhstan... Jin Okdong: "Strengthening the Financial Bridge in Central Asia"

Shinhan Financial Group is expanding its financial network across Central Asia by signing consecutive financial cooperation agreements with Uzbekistan and Kazakhstan.

Shinhan Financial Group signed agreements sequentially with the Ministry of Investment, Industry and Trade of Uzbekistan and Baiterek, the state-owned development finance group of Kazakhstan, on the 14th and 15th. On the 15th, during the business roundtable held with the Ministry of Investment, Industry and Trade of Uzbekistan, Shinhan Financial Chairman Jin Okdong (right) and Shinhan Bank CEO Jung Sanghyuk held a meeting. Provided by Shinhan Financial Group

Shinhan Financial Group announced on the 17th that it had signed agreements with the Ministry of Investment, Industry and Trade of Uzbekistan and Kazakhstan's national development finance group Baiterek on September 14 and 15.

Under the agreement between Shinhan Financial Group and the Ministry of Investment, Industry and Trade of Uzbekistan, the two parties will set up a local financing limit of up to 200 million US dollars for financial institutions in Uzbekistan and jointly discover local investment projects. The group also plans to participate in project financing for infrastructure and renewable energy sectors, and agreed to establish regular consultative bodies to identify follow-up initiatives.

After concluding the agreement, Jin Okdong, Chairman of Shinhan Financial Group, held a separate meeting with Shavkat Mirziyoyev, the President of Uzbekistan who visited Korea to attend the summit, to discuss ways to develop Uzbekistan’s financial industry and expand Shinhan Financial Group’s local business.

On the same day, at the Korea-Kazakhstan Business Roundtable, Shinhan Financial Group also signed a memorandum of understanding with Kazakhstan’s state-owned development finance group Baiterek to strengthen financial cooperation.

The two parties agreed to share financial information about Kazakhstan and Shinhan Financial Group’s expertise through on-the-job training, site visits, seminars, and workshops. They also aim to expand their partnership in financial support for Kazakhstan’s industrial and infrastructure development as well as for Korean companies entering the local market.

Chairman Jin stated, "Uzbekistan is a key market in Central Asia with high growth potential and dynamism. Through this cooperation agreement, we will pursue tangible collaboration in investment and financing and support the joint growth of the financial industry."

He added, "Kazakhstan will also strengthen its role as a financial bridge connecting Korea with Central Asia by facilitating knowledge exchange and expanding support for infrastructure and corporate finance."

This content was produced with the assistance of AI translation services.