Hana Bank is stepping up its push into Central Asia, choosing Uzbekistan as a strategic base for expanding its financial network and identifying new business opportunities across the region.
The bank said on Sept. 13 that it signed a memorandum of understanding with Uzbekistan’s Ministry of Investment, Industry and Trade on Sept. 11 to strengthen cooperation in investment and finance.
The agreement comes ahead of the first Korea-Central Asia Summit, scheduled to take place in Seoul on Sept. 16, as economic and financial ties between South Korea and Central Asian countries continue to expand.
Government Partnership to Explore Financial Opportunities
Under the agreement, Hana Bank and the Uzbek ministry will work together to identify potential financial cooperation opportunities in Uzbekistan and support the bank’s entry into the local market.
The two sides also plan to cooperate on the development and modernization of Uzbekistan’s financial industry while supporting increased investment and trade between companies in the two countries.
For Hana Bank, the partnership is part of a broader strategy to establish Uzbekistan as a gateway to Central Asia rather than approaching the country as a standalone market.
The bank is currently preparing to establish a representative office in Uzbekistan. Once the office is opened later this year, it will focus on assessing the local financial market, building business networks and identifying financing and investment opportunities.
Uzbekistan to Serve as Gateway to Central Asia
Uzbekistan, with one of the largest populations and domestic markets in Central Asia, has been attracting growing attention from South Korean companies seeking opportunities in the region. Increased corporate activity could also create new demand for cross-border financing and other financial services.
Hana Bank plans to use its cooperation with the Uzbek government to support Korean companies entering the market while building a foundation for its own longer-term expansion.
The planned representative office is expected to initially focus on market research, local networking and identifying financial needs among Korean and local companies. Hana Bank will then assess opportunities for further business expansion across Central Asia.
“This agreement will further strengthen our cooperative relationship with the Uzbek government and help us identify various projects that can contribute to the financial and economic development of both countries,” a Hana Bank official said.
“We will use Uzbekistan as a strategic base to expand Hana Bank’s global network and financial capabilities across Central Asia,” the official added.
