Kazakhstan’s Freedom Holding to fully acquire major local bank

Kazakhstan’s Freedom Holding to fully acquire major local bank

BAKU, Azerbaijan, Aug. 4

By Nargiz Sadikhova - Trend:

Kazakhstan’s Freedom Holding Corp. has agreed to purchase Bank Kassa Nova JSC headquartered in Nur-Sultan, Kazakhstan, Trend reports with reference to the press office of Kazakhstan’s Freedom Holding Corp.

The holding will acquire the bank through its subsidiary Freedom Finance JSC.

Each party has obtained corporate approval of the transaction. The transaction is also subject to approval by Kazakhstan’s Committee on Regulation of Natural Monopolies, Protection of Competition and Consumers of the Ministry of National Economy and the Agency for Regulation and Development of the Financial Market.

Bank Kassa Nova was established in 2009 and currently has nine branch offices across Kazakhstan. The bank's common shares are owned by Fortebank JSC, a Kazakhstani bank. Upon the completion of the transaction, Bank Kassa Nova will be a wholly-owned subsidiary of Freedom Finance JSC. It is expected that the required conditions to closing will be completed by the end of the year.

The acquisition of Bank Kassa Nova is expected to enhance the financial services offerings of the Holding in Kazakhstan where Freedom Finance JSC currently operates 16 retail brokerage offices serving Kazakh clientele. The bank acquisition is an extension of the Holding’s strategy pioneered in Russia where the Holding operates securities brokerage activities through IC Freedom Finance LLC in tandem with focused banking services provided by FFIN Bank LLC to offer clients a wide range of services.

Freedom Holding Corp. is a financial services holding company conducting retail financial brokerage, investment counseling, securities trading, investment banking and underwriting services through its subsidiaries under the name of Freedom Finance in the Commonwealth of Independent States where it employs more than 1,500 persons.

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Follow the author on twitter: @nargiz_sadikh

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