Shinhan Bank of South Korea is planning to establish a subsidiary bank in Uzbekistan, according to a report by Pulse (South Korea publication).
The bank has already made an internal decision to enter the Uzbek market and is expected to submit an application to the local financial regulator in the first half of 2026. If approved, the move would mark Shinhan Bank’s 11th overseas subsidiary and make it the first major South Korean bank to launch full-scale operations in Uzbekistan.
The expansion reflects Shinhan Bank’s strategy to target high-growth markets, with Uzbekistan identified as a promising destination due to its economic potential and ongoing financial sector reforms.
According to the report, the subsidiary could begin full operations as early as 2027.
Shinhan Bank’s interest in Uzbekistan dates back nearly two decades. In January 2008, the bank launched a subsidiary in Kazakhstan and had planned to enter Uzbekistan later that year. However, those plans were halted due to the global financial crisis.
Despite the setback, Shinhan Bank maintained its long-term interest in the country by opening a representative office in Tashkent in 2009.
In 2024, the bank intensified its efforts by sending head office representatives to Uzbekistan and initiating formal discussions with local financial authorities.
In February 2025, Central Bank of Uzbekistan and Shinhan Bank held talks on the potential privatization of state-owned banks, during which the Korean lender shared its plans to expand and strengthen its presence in the Uzbek banking market.
According to the Central Bank, eight foreign banks currently operate representative offices in Uzbekistan. Two of them which are Shinhan Bank and Korea Eximbank are from South Korea.
If approved, the establishment of a subsidiary would allow Shinhan Bank to move beyond a representative presence and offer a full range of banking services in Uzbekistan, further integrating the country into the global financial system.
