South Korean Kyongnam Bank opens office in Uzbekistan

Uzbekistan’s Central Bank has accredited a representative office of the South Korea’s BNK Kyongnam Bank in the capital, Tashkent. A Central Bank statement issued on March 15 said the opening of the office would help introduce Korea’s experience and expertise into the country’s banking system.

“The representative office intends to establish cooperation with domestic banks, assist in improving the financial literacy of clients and introducing the best practices of Korea in the banking and financial system of Uzbekistan,” the Central Bank said.

Currently J.P. Morgan Chase Bank (USA), Commerzbank AG (Germany), as well as two other South Korean banks – Eximbank and Shinhan – have representative offices in Uzbekistan.

Uzbekistan three years ago embarked on a widespread liberalisation of its economy and financial system, and has attracted a large interest by foreign investors. This is a stark departure from 25 years of a quasi-command style economic model, marked by import substitution and elements of autarky.