Freedom Holding closes deal to sell Russian business

Financial holding Freedom Holding informed on the closing of a transaction for the sale of Russian assets after the approval of the Bank of Russia.

“As a result of the transaction, which was closed after the approval of the Central Bank of the Russian Federation, Freedom Holding Corp. has now completely abandoned its business in the Russian Federation, ”the message on the holding’s website says.

The structure of the transaction included the investment company Freedom Finance and its investment bank of the same name. The assets were sold to Maxim Povalishin, who has worked in the management of the Russian company since its inception. After that, the Russian business Freedom Holding changed its name to Tsifra.” The team of the investment company and the bank, as noted, remained the same. The deal amounted to $140 million.

Freedom Holding announced its intention to leave Russia in June. Initially, it was reported that Timur Turlov, the main owner of the holding, could become a potential buyer of the Russian business. Commenting on the closing of the transaction, Turlov said that the holding felt that it was better for the company to abandon Russian business, since Turlov renounced Russian citizenship.

freedom holding corp. conducted an IPO on the Nasdaq exchange in October 2019. In January 2022, Freedom Finance ranked 9th in the list of the largest operators of the Moscow Exchange with a turnover of 255 billion rubles. The number of broker clients was 137,500.