KEB Hana Bank announced on March 7 that it signed a business agreement with Uzbek Industrial and Construction Joint-Stock Commercial Bank (Uzpromstroybank), a state-run bank in Uzbekistan, in Tashkent to simplify the process of remittance and promote trade finance between the two countries.
The agreement allows Uzbekistan workers staying in Korea to transfer their paychecks to their home countries at a simpler and lower fee than before, using KEB Hana Bank, a bank spokesman said.
In addition, the domestic exporters trading with Uzbekistan will be guaranteed 100 percent recovery of their export bill related to L/Cs issued by Uzpromstroybank through the Asia Development Bank`s trade and financial guarantee program.
"The agreement will meet the growing financial demands between Korea and Uzbekistan," said Cho Jong-hyung, KEB Hana Bank's foreign exchange division chief. "In the future, we will expand the scope of financial convenience and various living services for foreign customers by continuously expanding cooperation with local banks overseas."
Meanwhile, KEB Hana Bank signed a business agreement with ASAKA Bank, a Uzbekistan's state-run bank, in May 2015 and sought a business cooperation with the National Bank of Uzbekistan, strengthening various financial supports related to Uzbekistan.