Shinhan Financial Group discussed ways to expand investment and financial cooperation with Uzbekistan.

Shinhan Financial said on June 25 it held talks on June 24 at the Lotte Hotel in central Seoul with a delegation led by Laziz Kudratov (라지즈 쿠드라토프), Uzbekistan's minister of investment, industry and trade.

The two sides discussed financial support to help South Korean companies expand into Uzbekistan and boost investment, cooperation to develop the local financial market, and efforts to establish a Shinhan Bank entity in Uzbekistan.

Shinhan Bank set up a representative office in Tashkent, Uzbekistan, in 2009 and is now preparing to establish an entity in the country.

Shinhan Financial is also reviewing a joint expansion with Shinhan Card. It plans to gradually expand its business base in the local financial market together with Shinhan Card, which has experience in retail businesses such as auto finance in Central Asia.

Shinhan Financial has continued financial cooperation with Uzbekistan since last year.

Shinhan Financial Chairman Jin Ok-dong (진옥동) said, "Uzbekistan is a key market in Central Asia with high growth potential and dynamism." He said, "Shinhan Financial will contribute to developing financial infrastructure and expanding economic cooperation between the two countries as a long-term partner that grows with the local financial market."