Shinhan Bank announced on November 22 that it signed a business agreement for investment cooperation with the UK Department for Business and Trade in London, UK.
The agreement was signed by Kemi Bedenoch, Cabinet Secretary of the UK Department for Business and Trade, and Shinhan Bank President and CEO Jung Sang-hyuk, after Shinhan Bank, which has global channels in London, held ongoing collaboration discussions based on its long-standing relationship of trust with the UK government.
With this agreement, Shinhan Bank will cooperate with the UK Department of Trade and Industry to invest more than GBP 1 billion over the next five years. This will include new investments in the infrastructure and ESG sectors in the UK, as well as joint investments with financial investment companies affiliated with the UK government.
Shinhan Bank plans to operate a steering committee and a working group with the UK Department of Trade and Industry to develop the MOU into concrete and tangible investment results.
In particular, Shinhan Bank will collaborate with Shinhan Asset Management, Shinhan Life, and Shinhan Securities, which have investment expertise among Shinhan Financial Group affiliates, to make additional investments worth more than GBP 1 billion in the future. In total, Shinhan Financial Group will invest more than GBP 2 billion.
Going forward, Shinhan Bank plans to build a money market hub centered in London to strengthen its funding and management capabilities in EMEA, while focusing on diversifying its business portfolio, including securities, derivatives, and FX trading.
