The National Bank has not yet received a request to open Freedom Bank in Kyrgyzstan

The National Bank of Kyrgyzstan has not received an application from Kazakhstan's Freedom Bank for permission to establish a bank called Freedom Bank KG. The National Bank of Kyrgyzstan announced this in response to a request from the Akchabar portal.

The regulator's comment followed media reports about entrepreneur and billionaire Timur Turlov's plans to establish a subsidiary bank in Kyrgyzstan. Forbes Kazakhstan was the first to report that Freedom Bank Kazakhstan intended to establish a subsidiary in the republic.

According to the publication, the sole shareholder, Freedom Finance, has already approved the draft charter, the business plan for the future bank, and the recommended candidates for top managers and members of the governing bodies.

The National Bank emphasized that no official procedures for launching the bank in Kyrgyzstan have been initiated at this time.

It should be noted that in order to establish a new credit institution, a foreign investor must obtain regulatory approval for the establishment of the bank and undergo a licensing procedure.

It should be added that Freedom Holding Corp. is already present in the Kyrgyz market: the holding's structures operate in the field of brokerage services, electronic payments, and related financial services. However, the group does not currently have a banking license in Kyrgyzstan.