Лого Лого-пв-уз

    Uzbekistan launches new Korean bank to provide digital services

    Finance 27 September 2022 431

    The Central Bank of the Republic of Uzbekistan hosted a meeting with a delegation of BNK Kyongnam Bank JSC headed by Chairman of the Management Board Choi Hong Yong (Republic of Korea).

    During the meeting, the management of the regulator acquainted the guests with the current state of the country's banking system. It was noted that with the active participation of international financial institutions, the process of transformation and privatization of state-owned banks is underway in accordance with the "Strategy for reforming the banking system of Uzbekistan for 2020-2025".

    The management of Kyongnam Bank noted positive changes in the country's economy as a result of ongoing reforms. Also, the guests shared plans to expand the bank's presence in the financial market of Uzbekistan by opening a subsidiary bank specializing in digital banking services.

    In turn, representatives of the Central Bank provided explanations on the procedure for opening a bank in accordance with the current legislation of the Republic of Uzbekistan.

    For reference: JSC "BNK Kyongnam Bank", formed in 1970, is part of the financial group "BNK Financial Group Inc." and is one of the largest banks in the Republic of Korea. On March 11, 2021, BNK Kyongnam Bank opened a Representative Office in Uzbekistan in accordance with the accreditation of the Central Bank of the Republic of Uzbekistan.