The Central Bank of Uzbekistan has announced the withdrawal of the accreditation of the Kyongnam Bank representative office in the country, Kursiv reports. The South Korean bank has voluntarily exited the market of the Republic of Uzbekistan.
Decision by Steering Committee
The decision to withdraw the accreditation was made by the steering committee of the organization. This move signifies a shift in the banking landscape of Uzbekistan, with potential implications for foreign banks operating in the country.
Negotiations with Kyeongnam Bank
In 2022, the Central Bank of the Republic of Uzbekistan held negotiations with the delegation of “Kyongnam Bank” headed by the Chairman of the Board Choi Hong Yong. The discussions centred around plans to open a subsidiary of the financial institution in Uzbekistan. Despite these plans, the establishment of the subsidiary did not materialize.
Impact on banking sector
The exit of Kyongnam Bank from the Uzbekistan market could have potential impacts on the banking sector of the country. The withdrawal of Kyongnam Bank could influence the decisions of other foreign banks considering entering the Uzbekistan market.
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