Kazakhstan-based Freedom Holding is preparing to enter the banking sector in Georgia, signaling a new phase of regional expansion.

President of the National Bank of Georgia Natia Turnava said that the company has not yet formally applied for a banking license. However, it has already set up a working group that is actively coordinating with the regulator and preparing the necessary documents, The Caspian Post reports via Kazakh media.

“We hope to see another foreign regional bank enter the market,” Turnava said, noting that discussions with the company are already underway.

In December last year, Freedom Bank received permission to open a branch in Georgia, paving the way for a broader market entry.

Freedom Holding is an international financial group registered in the United States, with its headquarters in Almaty. The move into Georgia reflects its strategy to expand across new markets and strengthen its presence in the region.

If approved, the entry of Freedom Holding could boost competition and diversify Georgia’s banking sector.