The Central Bank of Uzbekistan and South Korea's Shinhan Bank discussed the privatization of state banks, according to the press service of the Central Bank.
On February 24, the leadership of the Central Bank held a meeting with representatives of the Korean Shinhan Bank, led by the head of the Global Business Development Division, Kim Ji-yong. The published photographs do not show who participated in the negotiations from the regulator's side.
During the meeting, representatives of Shinhan Bank provided an overview of the bank's activities in recent years and also "shared plans for expanding and strengthening their position in the banking market of Uzbekistan in the near future."
In turn, the regulator informed the South Korean side about the procedures for opening banks in Uzbekistan and the current requirements established by national legislation.
"Moreover, the possibilities for developing business in the local market through the process of privatizing state banks were discussed," the Central Bank's statement said.
In August 2009, the Central Bank granted accreditation to South Korea's Shinhan Bank to open a representative office and conduct activities in Uzbekistan.
At the end of December 2024, the president once again postponed the deadlines for privatizing stakes in three state banks. The plan is to sell Uzpromstroybank, Alokabank, and Asakabank by the end of 2025.
Previously, Spot reported that depositors were advised to call the Central Bank when asked by the bank about the origin of their funds.
Shinhan Bank is one of the first banks in Korea, established under the name "Hansung Bank" in 1897 and re-registered in 1982. The bank is part of the Shinhan Financial Group and has branches in many countries, including Kazakhstan and Uzbekistan.