Timur Turlov’s Freedom Bank reports rising consumer trust

For the first time, Timur Turlov’s Freedom Bank was ranked among Kazakhstani banks with a trust index above the sector average, according to independent economist Andrey Chebotarev, who presented the 2025 Bank Trust Index.

Chebotarev noted that average trust in the banking system increased from 3.06 to 3.11 points. Freedom Bank’s trust index notably rose from 2.53 to 3.19 points over three years, surpassing the average and allowing the bank’s entry into the «green zone,» the group of sector leaders.

«The entire banking system in Kazakhstan has been successfully building trust among Kazakhstanis for the past several years. Freedom Bank is also demonstrating steady growth, reflecting customer interest and trust in the bank’s solid reputation,» Chebotarev said.

Since the index’s launch in 2019, Kaspi Bank and Halyk Bank have maintained top trust scores. Bank CenterCredit joined the top ranks three years ago. Now, Freedom Bank’s recent achievement places it alongside the sector’s leading banks for the first time.

Meanwhile, Kaspi, while maintaining its leadership, is seeing a decline in its trust score, with the indicator declining from 3.96 in 2022 to 3.79 in 2025. According to Chebotarev, this may be due to increased competition in the market and the rapid growth of other players.

Chebotarev emphasized that customer trust is an important economic indicator, not just an emotional factor.

«When consumer confidence in a bank is solid, it is better prepared for a crisis, as there is no need to spend additional resources to keep its clients. Of course, this directly impacts profits and stability,» he explained.

In 2024, Freedom Bank also reported positive growth, outperforming ForteBank and Otbasy Bank.

At the other end of the rankings, Nurbank once again ranked lowest in trust, maintaining its position for the fifth consecutive year.

Freedom Bank is a subsidiary of Freedom Holding Corp., a leading brokerage and investment holding company in Central Asia and Eastern Europe. Turlov is the CEO and majority shareholder of the company.

In Kazakhstan, the holding provides brokerage services under the brands Freedom Broker (KASE member) and Freedom Finance Global (AIX member). There are also several other Freedom Holding Corp. subsidiaries operating in the country, including Freedom Insurance and Freedom Life, among others.