Hana Bank is seeking to set up a representative office in Uzbekistan as it moves to enter the Central Asian financial market. It plans to expand cooperation with the local government in investment and finance to identify business opportunities.

Hana Bank said on Sept. 13 it signed a memorandum of understanding on mutual cooperation in investment and finance with Uzbekistan’s Ministry of Investment, Industry and Trade on Sept. 11.

The agreement was arranged to strengthen the foundation for financial and economic cooperation between the two countries ahead of the first Korea-Central Asia summit to be held in Seoul on Sept. 16.

The two sides agreed to identify financial cooperation opportunities in Uzbekistan and support Hana Bank’s entry into the local market. They will also pursue cooperation aimed at developing and modernising Uzbekistan’s financial industry.

They plan to support expanded investment and trade between companies in the two countries and to continue identifying new cooperation projects in finance.

Hana Bank has designated Uzbekistan as a key base for entering Central Asia and is pushing to set up a local representative office. Once the office is established within this year, it plans to review the Central Asian financial market and business opportunities and to make its local-entry strategy more concrete.

A Hana Bank official said, "We will expand Hana Bank’s global network and financial capabilities in Central Asia with Uzbekistan as a base."