Freedom Finance

Freedom Holding Corp.[2] is an investment conglomerate registered in Nevada, USA. The company provides a range of services in retail financial securities brokerage and trading, asset management, capital markets, investment research and counseling, investment banking and underwriting services, mortgages, insurance, and consumer banking. Its main area of focus is in the American stock market, as well as the markets of Central Asia, mainly Kazakhstan.[3]

Freedom Holding Corp.
TypeLLC
Nasdaq: FRHC
IndustryDiversified investments
Founded2008
FounderTimur Turlov
Headquarters
Almaty
,
Kazakhstan
Area served
Europe, Central Asia, U.S.
RevenueUS$ 352 million (for the year-ended 31 March 2021).[1]
US$ $143 million (for the year-ended 31 March 2021)[1]
Total assetsUS$ 2.02 billion (as of March 31, 2021)[1]
Total equityUS$ 276 million (as of March 31, 2021)[1]
Websitewww.freedomholdingcorp.com www.ffin.kz www.freedomfinance.eu

Freedom Finance Europe, a fully owned European subsidiary of the Freedom Holding Corp. provides direct access to 15 international exchanges, including the U.S. (NYSE, NASDAQ, CBOE, CME, AMEX), European (LSE and Euronext), Hong Kong (HKEX), as well as Kazakhstan Stock Exchange (KASE) and Uzbekistan's Tashkent Stock Exchange (UZSE). Freedom Finance Europe is headquartered in Cyprus and has representative offices in Germany, France, Spain, Greece, Italy and Poland.[4]

Freedom Holdings Corp. owns the Kazakh bank Freedom Finance[5] and Kazakhstani broker Freedom Finance JSC with offices in 16 cities in Kazakhstan, 8 cities in Uzbekistan, and one office in Kyrgyzstan.[6]

In October, 2022, Freedom Holding Corp. announced withdrawal from Russia by entering into an agreement for the sale of 100% of the shares of its Russian business to the local management.[7]

History

The company was founded in 2008 by Timur Turlov.[8]

In 2014 the company arranged the listing of Bank of America stocks on KASE.[9]

In 2015 the Company became a market maker for stocks of the national power operator of Kazakhstan, KEGOC,[10] and in 2016 it carried out an IPO for Aktobe Metalware Plant JSC, which holds 70% of the metalwork market in Kazakhstan.[11]

In 2017 the Company acquired one of its competitors, the Kazakhstani broker Asyl-Invest.[12]

As of May 2017 the Company was a market maker for 12 securities: KEGOC, BAST, Aktobe Metalware Plant JSC, Bank of America, ETF S&P 500, along with major Russian bluechips like Aeroflot, Gazprom, Rostelecom, Magnit, Uralkali.[13]

In 2015, Freedom Finance passed under control of Freedom Holding Corp. (formerly BMB Munai, founded in 1981 in Nevada), with Timur Turlov becoming the majority shareholder of Freedom Holding Corp.[14]

In July 2017 Freedom Finance purchased the Ukrainian trader Ukranet.[15] Thus, the Ukrainian company is affiliated with the American holding Freedom Holding Corp.[16]

In 2018, Freedom Finance entered the Uzbekistani securities market, establishing offices in 8 cities across the country. In the following year, the company has done several IPOs and SPOs for local manufacturing companies.

In October, 2019 Freedom Holding Corp. has been approved for listing on The Nasdaq Capital Market under the "FRHC." symbol , therefore marking company's IPO.[17]

In 2020 Freedom Holding Corp. acquired а Kazakh bank – Bank Kassa Nova JSC, the name of the bank was later changed to "Bank Freedom Finance Kazakhstan" JSC.[18][19]

In 2021 Freedom Holding Corp. completed acquisition of american broker Prime Executions, Inc. The acquisition marked the company's initial entry into the U.S. markets.[20]

In 2021 Freedom Holding Corp. entered an agreement to acquire another U.S. brokerage firm MKM Partners, LLC.[21][22]

In 2021 Freedom Finance Europe received direct membership in Euroclear.[23]

In October 2022, Freedom Holding Corp. announced withdrawal from Russia by selling its assets to the local management.[24] The company has finalised its withdrawal from Russia by February 2023.[25]

April 24, 2023 Freedom Holding Corp. announced the acquisition of 100% shares in Aviate and Chocotravel services from Choco Holding. It is planned to complete the purchase by the end of the year. The transaction amount is $32.3 million.[26]

Operation

The key specialization of the company is the American stock market where it provides direct access to trading on the USA stock exchange: NYSE, NASDAQ, CBOE, CME, AMEX, as well European exchanges LSE and Euronext.

Its key operation areas are brokerage services, dealer operations, securities trust management, depository operation, Internet trading. The company runs its own web investment platform, Tradernet under Freedom24 brand.

The company offers webinars, seminars, distant and resident courses in trading and renders expert services.

Kazakh bank Freedom Finance JSC, Kazakh brokers Bank Freedom Finance Kazakhstan JSC and Freedom Finance Global PLC, and Freedom Finance Europe Ltd. have long-term credit ratings at B/B from S&P Global Ratings (2023).[27] Since January 2015, the company has been ranked first on the Kazakhstan stock exchange members activity in the sector of "Share securities".[28]

References
  1. United States Securities And Exchange Commission Freedom Holding Corp. 31.03.2021
  2. "OTC Markets | Official site of OTCQX, OTCQB and Pink Markets". www.otcmarkets.com. Retrieved 2020-10-11.
  3. Bloomberg|Company Overview of Freedom Finance Investment Company
  4. "Freedom Finance finishes rebranding and continues to develop its ecosystem". kz.kursiv.media. 2022-06-10.
  5. "Freedom Holding Corp. Agrees to Acquire Bank Kassa Nova". Freedom Holding Corp. Retrieved 2023-05-11.
  6. "KFF SIGNS MEMORANDUM WITH FREEDOM FINANCE JSC". kff.kz. 2022-09-16.
  7. "Freedom Holding Corp. Russian Divestiture Approved and Completed". Yahoo Finance. Retrieved 2023-04-25.
  8. "Timur Turlov: how to build a CIS financial services powerhouse from Kazakhstan". qazmonitor.com. 2021-11-25.
  9. "Opening of trading in ordinary shares US0605051046 (US_BAC_) of Bank of America Corporation (US) adjourned at admittance initiator's request - Kazakhstan Stock Exchange (KASE)". kase.kz. Retrieved 2023-05-11.
  10. "From May 3, Freedom Finance assigned status of market-maker on KASE for bonds KZ2C00006658 (KEGCb3) of KEGOC - Kazakhstan Stock Exchange (KASE)". kase.kz. Retrieved 2023-05-11.
  11. "Freedom Finance as of July 22 assigned status of market-maker on KASE for common shares KZ1C60260011 (KZ1C00001288, AKZM) of Aktobe Metalware Plant - Kazakhstan Stock Exchange (KASE)". kase.kz. Retrieved 2023-05-11.
  12. "Freedom Holding Corp. Announces Acquisition of Asyl-Invest JSC". Freedom Holding Corp. Retrieved 2023-05-11.
  13. ""Фридом Финанс" вывела российские "голубые фишки" на KASE". Forbes.
  14. Banking and Finance. Freedom Holding Corp. (FRHC) InvestorHub
  15. Freedom finance поглотила финкомпанию “Укранет” Инвестиционный портал InVenture 21.07.17
  16. United States Securities And Exchange Commission Quarterly Report 30.09.2017
  17. "Freedom Holding Corp. Announces Uplisting to The Nasdaq Capital Market". Freedom Holding Corp. Retrieved 2023-05-11.
  18. "Freedom Holding Corp. Agrees to Acquire Bank Kassa Nova". www.sec.gov. Retrieved 2022-04-01.
  19. "Freedom Holding Corp. Acquires the Kassa Nova Bank". Kursiv Media KZ. 2020-08-04. Retrieved 2022-04-01.
  20. "Freedom Holding Corp. Agrees to Acquire MKM Partners LLC". www.bloomberg.com. Retrieved 2022-04-01.
  21. "Freedom Holding Corp. Agrees to Acquire MKM Partners LLC". finance.yahoo.com. Retrieved 2022-04-01.
  22. "Freedom Holding Corp. Agrees to Acquire MKM Partners LLC". www.bloomberg.com. Retrieved 2022-04-01.
  23. "Freedom Finance Europe receives direct membership in Euroclear". www.bloomberg.com. Retrieved 2022-04-01.
  24. "Freedom Holding Corp. Enters into Agreement to Sell Russian Businesses". Freedom Holding Corp. Retrieved 2023-04-24.
  25. "Freedom Holding Corp. Russian Divestiture Approved and Completed". Yahoo Finance. Retrieved 2023-04-24.
  26. "Acquisition of Aviata and Chocotravel Will Bolster Online Services". www.stocktitan.net. 2023-04-25.
  27. "S&P Global Ratings". disclosure.spglobal.com. Retrieved 2023-04-24.
  28. "Activity Ranking - Kazakhstan Stock Exchange (KASE)". kase.kz. Retrieved 2023-05-11.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.