Kazakhstan's Freedom Holding receives permission to create new brokerage firm in Turkey

ASTANA. Jan 10 (Interfax) - The subsidiary of Freedom Holding , JSC Freedom Finansal Hizmetler, has received permission to establish a brokerage firm in Turkey, the Capital Markets Board of Turkey (CMB) said.

"It was decided that the request by JSC Freedom Finansal Hizmetler to establish a new brokerage firm under the name JSC Freedom Yatirim Menkul Degerler will be approved," the Turkish regulator said.

Earlier, Freedom Holding CEO Timur Turlov said that the company is planning to expand into Turkey and the UAE by 2025. Around 20%-30% of the company's annual profit will be directed towards this strategic move, he said.

Based in Almaty, Kazakhstan, the company operates in 14 countries, including Cyprus, the United States, Uzbekistan, the United Kingdom and Germany. Its activities span multiple stock exchanges, such as the Kazakhstan Stock Exchange, the Astana International Exchange, the Tashkent Republican Stock Exchange, the Uzbek Republican Currency Exchange, the New York Stock Exchange and Nasdaq.