Up to $200m in funding planned for Uzbek financial institutions

MOU signed with Kazakhstan's state development finance group Baiterek

From left, Farhat Sarsekeyev, chief executive of Damu; Rustam Karagoisin, chairman of Baiterek; Jin Ok-dong, chairman of Shinhan Financial Group; and Shinhan Bank President Jeong Sang-hyeok pose for a photo at the MOU signing ceremony with Kazakhstan's Baiterek on Monday. [Shinhan Financial Group]
From left, Farhat Sarsekeyev, chief executive of Damu; Rustam Karagoisin, chairman of Baiterek; Jin Ok-dong, chairman of Shinhan Financial Group; and Shinhan Bank President Jeong Sang-hyeok pose for a photo at the MOU signing ceremony with Kazakhstan's Baiterek on Monday. [Shinhan Financial Group]

Shinhan Financial Group has signed back-to-back agreements with government bodies and state institutions in Uzbekistan and Kazakhstan, stepping up its push into Central Asian financial markets.

Shinhan Financial announced Thursday that it concluded financial cooperation agreements with Uzbekistan's Ministry of Investment, Industry and Trade and Kazakhstan's state-owned development finance group Baiterek on Monday and Tuesday, respectively.

Under the agreement with Uzbekistan's ministry, Shinhan Financial will establish a funding line of up to $200 million for local financial institutions and jointly identify investment projects. The group also plans to participate in project financing for infrastructure and renewable energy, and to develop follow-up projects through a regular consultative body.

The deal builds on discussions Shinhan Financial has held with Uzbek government officials since last year, including meetings with the country's deputy prime minister in December 2025 and the minister of investment, industry and trade in June this year.

Following the signing, 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 the development of Uzbekistan's financial industry and the expansion of Shinhan Financial's business there.

Shinhan Bank has been pursuing the establishment of a local subsidiary, drawing on the experience it has accumulated since opening a representative office in Tashkent in 2009.

Shinhan Financial also signed an MOU with Baiterek on the sidelines of a Korea-Kazakhstan business roundtable held the same day.

The two sides agreed to share financial information and expertise through job training, site visits and seminars. They also plan to expand financial support for Kazakhstan's industrial and infrastructure development and for Korean companies operating in the country.

"We will translate our investment and procurement cooperation with Uzbekistan into concrete outcomes and support the shared growth of our financial industries," Jin said. "With Kazakhstan, we will deepen the exchange of financial expertise and expand support for infrastructure and corporate finance, strengthening our role as a financial bridge between Korea and Central Asia."


forest@heraldcorp.com