Shinhan Bank announced on July 22nd (local time) that it held a meeting in London with the UK Foreign, Commonwealth & Development Office (FCDO) to discuss potential collaboration opportunities for private financial sector investments.
This meeting was part of Shinhan Bank’s ongoing efforts to maintain a strong investment partnership with the UK government. Both parties explored specific directions for cooperation in line with the UK government’s 'Modern Industrial Strategy' and 'Ten-Year Infrastructure Plan.' The meeting was attended by Shinhan Bank Chairman SungBum Huh and Katherine Elizabeth West, Deputy Minister for Asia-Pacific, representing the UK.
Since signing a memorandum of understanding (MOU) with the UK Department for Business and Trade (DBT) in November 2023 to promote investment cooperation, Shinhan Bank has invested approximately 860 billion won (around £460 million).
Recently, to mark the relocation of its London branch, Shinhan Bank also signed an additional MOU with Barnet Popy Gustafsson, Head of the UK Office for Investment, to expand investments by £2 billion (approximately 3.7 trillion won). The new agreement aims to strengthen the global cooperation model that links policies and industries between Korea and the UK through finance.
This meeting is expected to facilitate the establishment of a regular consultation channel with the UK government, enabling the expansion of tangible and sustainable financial cooperation between the two countries. Shinhan Bank has set a goal to execute a total investment of £2 billion by 2030, positioning itself as a leading global financial institution that fosters friendly relations and industrial linkage between Korea and the UK.
A Shinhan Bank official stated, “Relocating the London branch is not just about expanding our business network; it marks a turning point that will establish the bank as a key player connecting Europe, the Middle East, and Africa as an EMEA financial hub.” The official added, “We will continue to broaden the influence of K-Finance through various global partnerships centered around the UK.”
Along with the relocation ceremony, Shinhan Bank also signed a strategic business agreement with Africa Finance Corporation, further strengthening its foundation for expanding financial cooperation in the EMEA region.
