Freedom Bank Kazakhstan has abandoned plans to establish a subsidiary bank in Kyrgyzstan, Forbes Kazakhstan reports.
«Freedom Bank is currently not planning to open a subsidiary bank in Kyrgyzstan as part of updating its international strategy. At the same time, the bank continues to view the market in the context of long-term regional development. The bank is focusing on evaluating other international opportunities identified during recent meetings and trips of top management. These opportunities are currently being analyzed and developed,» the statement reads.
Plans to open a subsidiary in the Kyrgyz Republic were previously reported; the bank was originally planned to operate as a closed joint-stock company called Freedom Bank KG.
Freedom Bank Kazakhstan already has businesses in Kyrgyzstan: the holding’s subsidiaries provide brokerage (Freedom Broker) and payment services (Freedom Pay Kyrgyzstan), and sell tickets (Ticketon Events KG).
The founder and majority shareholder of Freedom Holding Corp. is Timur Turlov. Over the past two years, the company’s list of countries with business interests has expanded to include Turkey, Georgia, Tajikistan, and Estonia.
Timur Turlov owns approximately 70 percent of Freedom Holding Corp. The businessman is ranked number 2 among the 75 richest individuals in Kazakhstan.
