South Korea’s Hana Bank plans to open a representative office in Uzbekistan by the end of 2026. The office will become a strategic base for studying the financial market and further expansion into Central Asian countries.
On September 11, the bank signed a memorandum of cooperation with Uzbekistan’s Ministry of Investment, Industry and Trade. UzDaily reported the news, citing a statement from the financial institution. The agreement coincides with the first Korea-Central Asia summit to be held in Seoul.
Initially, the representative office will not provide direct banking services. The team will focus on market research, finding investment projects, and studying the needs of Korean and local companies. After assessing the region’s potential, Hana Bank plans to identify specific financing areas and form a long-term presence strategy.
Launching a representative office in the first stage allows a foreign player to assess the regulatory climate and corporate demand without the high initial risks associated with buying or building a bank from scratch.