Tashkent, Uzbekistan (UzDaily.uz) — South Korean Hana Bank plans to open a representative office in Uzbekistan and use the country as a strategic base for expanding its operations across Central Asia. The bank also intends to develop cooperation with Uzbek government authorities in investment and finance.
On 11 September, Hana Bank signed a memorandum of mutual cooperation in investment and finance with Uzbekistan's Ministry of Investment, Industry and Trade. The bank announced the signing on 13 September.
The agreement is aimed at strengthening financial and economic cooperation between South Korea and Uzbekistan ahead of the first Korea-Central Asia Summit, scheduled to take place in Seoul on 16 September.
Under the memorandum, the parties intend to jointly identify opportunities for financial cooperation in Uzbekistan and support Hana Bank's entry into the local market. They also plan to cooperate on the development and modernization of the country's financial sector.
In addition, Hana Bank and the Uzbek ministry will support the expansion of investment and trade between companies from the two countries and continue exploring new financial-sector cooperation projects.
The bank views Uzbekistan as a key platform for entering Central Asian markets and is preparing to open a local representative office by the end of 2026. Once established, the office will study the region's financial markets, build business ties, identify potential financing areas and refine the bank's strategy for further regional operations.
At the initial stage, the representative office will focus on market research, identifying new opportunities and examining the financial needs of Korean and local companies.
"This agreement will further strengthen our cooperative relationship with the Uzbek government and help identify various projects that could contribute to the financial and economic development of both countries," a Hana Bank representative said.
"We will use Uzbekistan as a strategic base to expand Hana Bank's global network and financial capabilities across Central Asia," he added.
