Government of the Republic of Uzbekistan

03/12/2019 | Press release | Distributed by Public on 03/12/2019 06:42

Uzbekistan Industrial and Construction Bank and KEB Hana Bank sign a Cooperation Agreement

Uzbekistan Industrial and Construction Bank and KEB Hana Bank sign a Cooperation Agreement

Sanoat Qurilish Bank (Uzbekistan Industrial and Construction Bank) and KEB Hana Bank (Republic of Korea) signed a Cooperation Agreement aimed at joint development of a cooperation plan and marketing promotions in money transfers between clients of the two banks in both countries, holding consultations on improving the quality of services, exchange of market and regulatory information, as well as organization of training workshops for specialized professionals of the bank.

KEB Hana Bank's share in Korea's remittance market is about 60 percent or 3.2 billion USD. As of 2018, about 70 thousand migrants arrive in the Republic of Korea from Uzbekistan, of which about half are labor migrants. In 2018, Uzbekistan Industrial and Construction Bank opened Nostro correspondent accounts in USD and Euros in this Korean bank in order to create convenience for them.

As reported by the Press Service of Sanoat Qurilish Bank, especially for Uzbekistan, KEB Hana Bank reduced the cost for opening Vostro accounts, as well as fees for transfers via easy-one service and mobile banking. So, for example, for any amount transferred, the client pays a commission of 8 thousand Korean Won (equivalent to 7 USD), except for the sum from 10 thousand USD via mobile banking, where the client will have to pay a commission in the amount of 10 thousand Korean Won (9 USD).

Source: UzA