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 transfer 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.
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).
For reference: Keb Hana Bank was founded in 1967. It is the largest bank in South Korea in terms of assets. Currently the bank has more than 160 branches in 24 countries of Europe, the Middle East, South America and the Asia-Pacific region. The Bank provides its customers with a wide range of banking services.
Total assets of the bank as of December 31, 2018 is 340.1 billion USD, total capital – 24.0 billion USD, total amount of loans issued by the bank to customers – 179.5 billion USD, net profit amounted to 1.8 billion USD.
Press Service of the Bank