South Korea’s Shinhan Bank may participate in privatization of state banks in Uzbekistan

The Central Bank of Uzbekistan and South Korea’s Shinhan Bank discussed the privatization of state-owned banks, as well as the process and regulatory requirements for opening banks in Uzbekistan, according to a statement from the Central Bank’s press service.

On February 24, Central Bank officials met with representatives of Shinhan Bank, led by Kim Ji-young, Head of the Global Business Development Department.

During the meeting, Shinhan Bank representatives provided an overview of the bank’s recent activities and shared plans to expand and strengthen its presence in Uzbekistan’s banking sector in the near future.

In turn, the Central Bank outlined the process for opening banks in Uzbekistan and the regulatory requirements established by national legislation.

“Additionally, opportunities for business development in the local market through the privatization of state-owned banks were discussed,” the statement said.

In August 2009, the Central Bank granted Shinhan Bank accreditation to open a representative office and operate in Uzbekistan.

At the end of December 2024, the President once again postponed the deadlines for privatizing shares in three state-owned banks. The sale of JSCB Uzbek Industrial and Construction Bank, Aloqabank, and Asakabank is now planned for completion by the end of 2025.

Shinhan Bank, originally established as Hansung Bank in 1897 and re-registered in 1982, is one of South Korea’s oldest financial institutions. It is part of the Shinhan Financial Group and operates branches in multiple countries, including Kazakhstan and Uzbekistan.

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