Kazakhstan's Freedom Bank to develop digital services with $10 mln raised from shareholder

ASTANA. Sept 24 (Interfax) -Freedom Bank Kazakhstan JSC will use 5 billion tenge of $10.44 million raised from its shareholder to develop digital products, the bank's press service told Interfax.

"At the general meeting of shareholders, it was decided to recapitalize Freedom Bank Kazakhstan JSC by 5 billion tenge. These funds will be used to develop the bank's digital products and services, as well as to expand and strengthen the bank's position in Kazakhstan and beyond," the bank said.

Earlier, it was announced that Freedom Bank's sole shareholder, Freedom Finance JSC, will buy back more than 950,000 new shares of the bank for a total of more than 5 billion tenge.

A year earlier, the bank increased its authorized capital through an additional issue of 4.881 million ordinary shares, which were bought back by Freedom Finance. At the time, it was reported that the move would ensure the further development of digital products and services.

Freedom Finance Kazakhstan Bank is part of Freedom Holding Corp, which is controlled by businessman Timur Turlov.

According to the National Bank of Kazakhstan, Freedom Finance Kazakhstan Bank ranked 8th out of 21 banks in the country by assets as of July 1, 2024.

Freedom Holding Corp., controlled by Kazakh businessman Timur Turlov, is based in Almaty, Kazakhstan, with representative offices operating in 14 countries, including Cyprus, the USA, Uzbekistan, the UK and Germany. The group is listed on the Kazakhstan Stock Exchange (KASE), Astana International Exchange (AIX), Ukrainian Exchange, Tashkent Stock Exchange, the New York Stock Exchange and Nasdaq Stock Exchange.