Why is this important
The entry of a major foreign bank will strengthen competition in the financial market and expand access for businesses and the public to credit and banking services. The direct presence of international players typically accelerates the introduction of new products and service standards. For the economy, this means an additional inflow of capital and the development of financial infrastructure.
What happened
- South Korea’s Shinhan Bank plans to open a subsidiary in Uzbekistan and enter the country’s market.
- The bank has already made an internal decision to establish a local entity and intends to submit an application to regulators in the first half of 2026.
- Preparatory work has been completed, and full-scale operations may begin in 2027.
Numbers and facts
- Shinhan Bank may open its 11th overseas branch, which would become the first such project among major Korean commercial banks in Uzbekistan.
- Планы выхода на рынок разрабатывались около 17 лет. Представительство банка в Ташкенте действует с 2009 года, а в Казахстане дочерний банк был открыт в 2008 году.
- В 2024 году начались официальные переговоры с узбекскими регуляторами, а в апреле того же года страну посетил председатель Shinhan Financial Group.
- The population of Uzbekistan is approximately 37 million, with an average age of 29. Interest rates in the market are around 14%.
Context
- Для бизнеса появится дополнительный источник финансирования и новые банковские продукты с международной экспертизой.
- For customers, it may lead to an expansion of credit and retail services, including mortgages and auto loans.
- Для рынка в целом приход Shinhan усилит конкуренцию и ускорит развитие банковского сектора.
