Freedom Holding, a financial services firm headquartered in Almaty, is weighing a secondary share listing in Hong Kong to finance its growth outside its traditional Central Asian footprint, CEO Timur Turlov said in an interview at the company's Almaty head office.
Turlov stressed that the company's principal public market home remains NASDAQ, where Freedom is currently listed and which the group regards as its main platform. At the same time, he confirmed that management is entertaining the possibility of a secondary listing in Hong Kong and has not ruled that option out.
Beyond capital markets strategy, Freedom is actively pursuing a geographic expansion effort. The U.S.-listed group is looking to extend operations across a broad Eurasian corridor and has set its sights on founding or acquiring banks in Turkey and in parts of continental Europe. In addition, Turlov said the firm is considering an expansion into Pakistan where it would likely open a branch of its existing business.
On Turkey, Turlov confirmed a potential acquisition: "Yes, we are considering acquiring a bank (in Turkey). We can t yet disclose the details of this transaction. But I expect that it may reach a logical conclusion within the coming months." He said that in Europe Freedom is weighing whether to acquire a smaller lender or to create its own bank in "one of the classic, continental European countries," though he declined to name which country was under consideration.
The company already operates across several Central Asian countries and last year obtained a banking license in Georgia, a move Turlov said aligns with Freedom's goal of facilitating economic integration along an east-west axis stretching from Turkey to Mongolia.
In Kazakhstan's retail lending market, Freedom competes with larger local players including Kaspi.kz and Halyk Bank, the latter being the country's largest by assets. Freedom's business lines span banking, brokerage services, insurance and mortgages, reflecting a diversified financial services model within the region.
During a recent trip to Pakistan as part of a business delegation that coincided with Kazakhstan President Kassym-Jomart Tokayev's visit, Turlov indicated that the group would most likely establish a branch to extend its existing operations in that market.
Turlov also addressed Freedom's stance toward the Russian market. The company exited Russia last year, selling its assets in February 2023 for about $140 million and stating at the time that it had "completely ceased doing business in Russia." Asked whether the group might return if geopolitical conditions changed, he said a quick re-entry is unlikely. "From a purely economic standpoint, I don t see the right balance between risks and opportunities," he said, noting that even a hypothetical peace settlement and the lifting of Western sanctions would not automatically prompt a speedy return.
Separately, the question of investor interest in Freedom Holding shares has been raised. An AI-driven stock screening tool referenced by market commentary evaluates companies including Freedom Holding (ticker FRHC) across many financial metrics to highlight potential opportunities based on fundamentals, momentum and valuation. That tool assesses a wide universe of names when generating ideas and compares present data to historical outcomes.
Turlov did not provide further specifics on timing, target jurisdictions by name for the European banking initiative, or the finer details of any potential Hong Kong offering, leaving several execution questions unresolved for investors and counterparties.
Summary of key developments:
- Freedom is considering a secondary public offering in Hong Kong while maintaining NASDAQ as its primary listing venue.
- The group plans to expand its banking footprint through acquisitions or new bank formations in Turkey and continental Europe, and to open a branch in Pakistan.
- Freedom sold its Russian operations in February 2023 for about $140 million, and the company does not anticipate a rapid return to Russia even if sanctions were eased.