Freedom Holding, a Kazakhstan-based financial services company listed on NASDAQ, is exploring a secondary public offering in Hong Kong as part of its ambitious expansion strategy across Eurasia. CEO Timur Turlov confirmed in a recent interview with Reuters that the firm is actively pursuing growth opportunities beyond its traditional Central Asian markets, with plans to acquire or establish banking operations in Europe, Turkey, and Pakistan.
The potential Hong Kong listing would complement Freedom Holding’s existing NASDAQ presence and provide additional capital to support the company’s expansion initiatives. According to Turlov, while NASDAQ remains the company’s primary trading platform, a secondary listing in Hong Kong continues to be under consideration as the firm evaluates funding options for its regional growth plans.
The financial services group is pursuing several acquisition targets and new market entries simultaneously. In Turkey, Turlov revealed that Freedom Holding is considering acquiring an existing bank, with the CEO expressing expectations that the transaction could reach completion within the coming months. However, specific details about the potential Turkish acquisition have not yet been disclosed.
Additionally, the company is evaluating options in continental Europe, where it may either acquire a smaller lending institution or establish its own banking operation from the ground up. Turlov declined to identify which European country Freedom Holding is targeting, describing it only as a “classic, continental European country.”
Pakistan has emerged as another market of interest for the Kazakhstan-based firm. Turlov recently traveled to Pakistan as part of a business delegation accompanying Kazakhstan President Kassym-Jomart Tokayev’s official visit to the country. According to the CEO, Freedom Holding would likely establish a branch of its existing business rather than pursue an acquisition in the Pakistani market.
The company’s expansion strategy aims to facilitate economic integration across a vast stretch of Eurasia, spanning from Turkey to Mongolia. Freedom Holding received a banking license in Georgia last year, marking another step in its regional expansion beyond Kazakhstan and other Central Asian countries where it currently operates.
In its home market of Kazakhstan, Freedom Holding competes in the retail lending sector against larger rivals including Kaspi.kz and Halyk Bank, the country’s largest financial institution by assets. The company’s operations encompass a diverse range of financial services, including banking, brokerage services, insurance, and mortgage lending.
Meanwhile, Turlov definitively ruled out any return to the Russian market, where Freedom Holding sold its assets in February 2023 for approximately $140 million. The divestment was prompted by Russia’s full-scale invasion of Ukraine, with the company stating at the time that it had “completely ceased doing business in Russia.”
The CEO emphasized that even if a peace deal were reached in Ukraine and Western sanctions lifted, Freedom Holding would not rapidly re-enter the Russian market. According to Turlov, from a purely economic perspective, the company does not see an appropriate balance between risks and opportunities in Russia for the foreseeable future.
The timeline for Freedom Holding’s various expansion initiatives remains fluid, with the Turkish bank acquisition potentially concluding in the coming months. However, the company has not disclosed specific timeframes for its European banking plans or the potential Hong Kong secondary listing, leaving investors and market observers awaiting further announcements as the financial services firm pursues its ambitious Eurasian growth strategy.
Abdulrahman Mohamed is a correspondent for Abu Dhabi News, covering local developments, community stories, and on-the-ground updates. He focuses on timely reporting, accurate sourcing, and bringing readers the key facts quickly.
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