Kazakh Billionaire Weighs Dollar, Yuan Debt Sales to Fund Growth

Billionaire Timur Turlov is weighing debt sales in dollars and the yuan as his Freedom Holding Corp. expands to compete with Kazakhstan’s dominant financial players.

After developing the nation’s leading retail brokerage, Turlov bought a local bank, insurance companies and other firms to create an ecosystem that also encompasses ticket sales, an online movie platform with original content, grocery deliveries and mobile services. The tycoon is now debating whether Freedom Bank should issue debt itself or whether the Nasdaq-listed holding should do so, opening the way for more deals.

While the lender could sell bonds, it’s “absolutely not interesting” to ...