South Korean bank Shinhan Bank aims to invest approximately 3.7 trillion won in the United Kingdom by the year 2030.
Shinhan Bank Expands Investment in UK, Strengthening Ties with Government and Financial Hub
Shinhan Bank, a leading South Korean financial institution, has announced an expanded investment plan of approximately £2 billion (€2.35 billion, about 3.7 trillion won) into the UK by 2030. This investment will focus on strengthening Britain's financial services sector, as well as targeting key areas such as energy, digital assets, and infrastructure projects.
The announcement was made during a meeting between Shinhan Bank CEO Jung Sang-hyuk and Catherine West, parliamentary under-secretary of state for the Foreign, Commonwealth & Development Office's Asia-Pacific region, on Monday. The meeting built on a memorandum of understanding signed with the UK Department for Business and Trade in November 2023.
The London branch of Shinhan Bank will serve as a key financial hub across Europe, the Middle East, and Africa (EMEA), playing a crucial bridging role in regional finance. To formalize this expanded commitment, Shinhan Bank signed an additional MOU with UK Minister of State for Investment Poppy Gustafson during the relocation ceremony for its London branch.
This investment is closely aligned with the UK government's Modern Industrial Strategy and the 10-Year Infrastructure Strategy. Shinhan Bank has discussed with UK government officials ways to enhance investment cooperation that supports these strategies. The aim is to stimulate long-term business investment and economic growth, through collaboration between government and high-growth industries, reducing industrial energy costs, improving skills, and unlocking economic potential.
A Shinhan Bank official stated that the bank aims to support a diverse range of industries in the UK while accelerating Shinhan's global competitiveness. The expanded investment plan may involve new sectors and industries in the UK, not limited to those previously invested in.
Since the memorandum, Shinhan Bank has invested 860 billion won ($627.5 million) in the UK. The bank now plans to expand its total investment to 3.7 trillion won by 2030, building on its previous investment of £460 million (€540 million) since 2023.
The relocation ceremony for Shinhan Bank's London branch marks a significant step in the bank's expansion strategy in the EMEA region. The additional MOU is expected to further strengthen the collaboration between Shinhan Bank and the UK's public and private sectors. High-level talks in London with the UK Foreign, Commonwealth & Development Office on Tuesday also discussed future investment strategies aligned with the UK's Modern Industrial Strategy and 10-Year Infrastructure Strategy.
Shinhan Bank aims to deepen industrial and policy ties between South Korea and the UK through strategic financial engagement. The bank's investment expansion aims to further cement its role as a leading example of public-private financial collaboration. The London branch of Shinhan Bank aims to fulfill a crucial bridging role in the EMEA region, positioning itself as a key financial hub for the region.
Shinhan Bank, as part of its expanded investment plan, has committed to inject £2 billion into the UK's financial sector by 2030, with a focus on sectors such as energy, digital assets, and infrastructure projects. This necessary business investment aligns with the UK government's Modern Industrial Strategy and 10-Year Infrastructure Strategy.
Shinhan Bank's aim for this venture is not only to support a variety of industries in the UK but also to accelerate its global competitiveness through cross-sector investing.
