- Minister for Investment opens the expanded UK
office of Shinhan Bank, the Republic of Korea's oldest banking
firm.
- Expansion comes as Shinhan aims to facilitate £2 billion of
investment into the UK's financial services sector by 2030,
supporting the government's Modern Industrial Strategy.
- Announcement builds on the £460 million Shinhan has already
invested in the UK, in a major vote of confidence in the
economy and delivering growth as part of the Plan for
Change.
New collaboration between the UK government and a top Korean
banking company will unlock £2 billion of investment into
Britain, boosting economic growth and driving forward the
government's Plan for Change.
Shinhan, the Republic of Korea's second largest bank, aims to
finance the investment over the next 5 years into energy, digital
assets, infrastructure projects as well as businesses based in
the UK's thriving financial services sector.
The bank's expansion and investment plans follows £460 million
the business has already invested in the UK since 2023. This
latest vote of confidence reaffirms the UK's position as a global
investment destination.
The plans back the government's aim to significantly increase
long-term business investment following the publication
of the Modern Industrial Strategy, which marks a new era of
collaboration between government and high growth
industries, slashing energy bills for industry, increasing
skills, and boosting investment to unlock the UK's economic
potential.
Today [Monday 21 July], Minister for Investment Baroness opened the expanded
office for Shinhan Bank in London and met with President and CEO
of Shinhan Bank, Jung Sang Hyuk.
Minister for Investment Baroness CBE said:
The UK is a top investment destination, and Shinhan's latest
investment will help us make the UK the number one destination
for financial services by 2035, delivering on our Plan for
Change.
Financial Services are a UK success story, and one of the eight
growth sectors we identified with the biggest potential for
growth in our modern Industrial Strategy, as we look to boost the
economy and put more money in people's pockets.
Shinhan Bank President & CEO Jung Sang Hyuk
said:
The expansion of London office is a strategic decision aimed at
proactively responding to the rapidly changing financial
environment and delivering greater value and higher-level
services to our customers. The (Shinhan) Head Office will remain
fully committed to providing strong support, enabling London
office to take on an even more central role within London's
financial market and to grow together as a trusted financial
partner.
Securing foreign direct investment is key to delivering economic
growth, and companies like Shinhan investing billions in the UK
economy shows the government's Plan for Change is working –
creating jobs and putting more money in working people's pockets.
The news also builds on the positive findings from Deloitte's
latest survey which found that finance leaders see the UK as the
joint-most attractive destination when it comes to investment.
Economic growth is the Government's central mission and unlocking
new investment opportunities with South Korea is vital to
achieving this, as the UK looks to build on the £21 billion
record-level of investment the country has attracted from Korean
businesses.
This major investment comes just days after the Chancellor announced the Financial
Services Growth and Competitiveness Strategy, which aims to
position the UK as the number one destination for financial
services companies by 2035.
Today's announcement also follows the Minister for Investment
Poppy Gustafsson's visit to South Korea earlier this month, where
she met a range of investors and businesses including SeAH, Hana
Bank and Korea Investment Corporation (KIC) to encourage
further investment into the country.
Notes to editors:
- For more info on Deloitte's latest survey of the UK's
investment attractiveness – please see here.
