Bank of Russia to Broaden the Freedom Finance Bank’s License

This is the first such case since 2017

On November 16, 2021, Freedom Finance, a commercial bank in Russia that is a part of Freedom Holding Corp., received a universal license from the Russian central bank. Previously it had a basic license.

According to the bank’s press service, the expansion of its banking license hasn’t since 2017. Back then the Bank of Russia changed the country’s banking system and made it multilayered. 

Now Freedom Finance bank in Russia can carry foreign transactions, serve foreign clients, interact with foreign companies, operate with foreign securities and provide funds to non-resident clients, according to Timur Turlov, CEO of the Freedom Holding Corp. and founder of Freedom Finance.

«This is a special day for our bank in Russia because we are the very first bank in the country that has been promoted to the upper level and got a universal license. This is the first such case since 2017 when all banks in Russia were split to universal and basic (with assets less than $1 billion). Now the bank is able to work with foreign counterparts, securities and clients. It means that our banking ecosystem in Russia is evolving and will be able to bring new opportunities and innovations to the market soon,» wrote Turlov on Facebook.

A new updated license will also let the holding make the integration of the bank deeper as the universal license would allow interaction with the Freedom Finance investment company to provide a full range of investment and banking services.

The Russian bank of Freedom Finance is a part of Freedom Holding Corp. and one of the leading financial institutions in the sector of private investments in Russia and Kazakhstan. The bank is an active participant in trading sessions on the Moscow Exchange. The bank has representative offices in Moscow, Saint Petersburg, Vladivostok, Volgograd, Ekaterinburg, Kazan, Kaliningrad, Krasnodar, Krasnoyarsk, Novosibirsk, Samara, Sochi, Tyumen, Ufa and so on. All the bank’s licenses are available right here (a hyperlink will be added).

Freedom Holding Corp. is a provider of retail financial brokerage, investment consulting, securities trading, investment banking and underwriting services via its Freedom Finance subsidiaries. The company is a professional participant of the Kazakhstan Stock Exchange (KASE), Astana International Exchange (AIX), Moscow Exchange (MOEX), Saint Petersburg Stock Exchange (SPB), Republican Stock Exchange Toshkent and Ukrainian Exchange. The holding’s common shares have been traded on NASDAQ, KASE, SPB and Ukrainian Exchange.

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