Shinhan Bank Participates in Kazakhstan Economic Delegation to Expand K-Finance

The Only One Among Commercial Banks

Shinhan Bank announced on the 13th that it is the only commercial bank participating in the Kazakhstan economic delegation organized by the Korea International Trade Association, the Korea Chamber of Commerce and Industry, and KOTRA, and has signed a business agreement on-site to diversify its business areas.

Kazakhstan is the Central Asian country with the largest trade volume with Korea and is a country where economic cooperation is being strengthened. Shinhan Bank established the first Korean bank local subsidiary in Kazakhstan in 2008 and is promoting localization by providing various financial services for sustainable growth.

Shinhan Bank participated in the business forum hosted by the governments of the Republic of Korea and Kazakhstan along with companies from the economic delegation the day before and signed a total of two business agreements on-site.

First, Shinhan Bank signed a business agreement with the European Bank for Reconstruction and Development (EBRD) to strengthen partnerships and expand financial support in Kazakhstan. The main collaboration details include ▲financial support for promising local companies ▲promotion of project financing ▲discovery of trade finance opportunities.

Additionally, Shinhan Bank signed business agreements with CU Central Asia and Shin-Line to provide financial solutions for expanding the convenience store business in Kazakhstan. Shin-Line is the largest ice cream manufacturer in Central Asia and has a distribution network for the convenience store business, while CU CA is a newly established convenience store specialized subsidiary of Shin-Line. The main collaboration details include ▲financial support for CU CA’s business expansion in Central Asia ▲support for Shin-Line’s entry into the Korean market.

A Shinhan Bank official stated, “Through the business agreement with the European Bank for Reconstruction and Development, we will actively participate in various financial projects in Kazakhstan and provide various financial solutions that can create synergy with CU CA and Shin-Line,” adding, “We will continue to pursue global expansion through differentiated growth strategies based on country-specific environmental analysis.”