Shinhan Financial Group expands Central Asian network via Uzbekistan and Kazakhstan deals

Shinhan Financial Group is expanding its financial network in Central Asia through new agreements with government and state-owned entities in Uzbekistan and Kazakhstan.

In Uzbekistan, Shinhan signed a cooperation agreement with the Ministry of Investment, Industry and Trade. This partnership includes establishing a funding limit of up to $200 million for local financial institutions, jointly identifying investment projects, and participating in project financing for infrastructure and renewable energy sectors. Shinhan Financial Group Chairman Jin Ok-dong also met with Uzbek President Shavkat Mirziyoyev to discuss expanding local business operations.

In Kazakhstan, Shinhan signed a memorandum of understanding with the state-owned development finance group, Baiterek. The two parties will share financial information and expertise through training, seminars, and workshops. The collaboration aims to support Kazakhstan’s industrial and infrastructure development, as well as provide financial assistance to Korean companies operating within the country.