South Korean Bank KDB Considers Selling Its Uzbekistan Subsidiary
The decision is linked to the bank's optimization of its overseas network and the active expansion of private South Korean banks into the market, writes Maeil Business.
Korea Development Bank (KDB) is exploring the possibility of selling its Uzbekistan subsidiary, KDB Bank Uzbekistan, reports Spot. The bank has begun reviewing its overseas network to improve operational efficiency. Currently, KDB has 25 overseas entities, including 12 branches, 7 subsidiaries, and 6 representative offices.
The first to face optimization may be offices that have been operating for a long time but have not expanded their activities. For example, representative offices in Moscow and Abu Dhabi have been open since 2013 but have yet to become full-fledged branches. KDB is also considering the sale of assets in countries where private South Korean banks are actively expanding, including Uzbekistan.
KDB Bank Uzbekistan was established in 2006 based on UzDaewoo Bank, which was acquired from the Daewoo Group. However, according to the publication, the bank has not shown significant results in nearly 20 years of operation. Meanwhile, Shinhan Bank is preparing to open a subsidiary in Uzbekistan by 2027, and Hana Bank is planning a local office. KDB has already conducted a survey on the interest of these banks in purchasing the Uzbekistan subsidiary, but no final decision has been made yet.
