Sanoat Qurilish Bank and Shinhan Bank signed an agreement in the amount of 60 million USD

The basic agreement on trade financing in the amount of 60 million USD was signed between Sanoat Qurilish Bank (Uzbekistan Industrial and Construction Bank) and Shinhan Bank on March 28, 2019 in Seoul (Republic of Korea) during the 2nd meeting of Deputy Prime Ministers of the Republic of Uzbekistan and the Republic of Korea.

This line of trade finance will allow Sanoat Qurilish Bank to expand the resource base for financing projects involving the import of technological equipment and services from South Korea and other countries, as well as improve the Bank’s reputation in the foreign market. Documentary operations carried out by the bank contribute to reducing the risks of their clients when conducting foreign trade operations, increasing cash flows, developing and strengthening solid trust relations with foreign banks.

Trade finance is the financing of customers' foreign trade operations by attracting guarantees or credit resources from international markets and is today considered one of the fastest growing types of banking business.

For reference. Shinhan Bank is the first Korean bank established in 1897. The bank is part of the Shinhan Financial Group together with Jeju Bank and Chohung Bank. The Bank specializes in providing retail, corporate and investment banking, treasury, as well as insurance services. As of December 31, 2018, the bank’s assets amount to 308.4 billion USD, capital – 21.4 billion USD, and net profit – 2.0 billion USD.

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