19 Apr 2024 18:05

Freedom Holding seeking to enter Portuguese banking market, conducting due diligence

ASTANA. April 15 (Interfax) - Freedom Holding Corp is strategically interested in entering the Portuguese banking market, CEO Timur Turlov told Interfax.

"We are not holding any specific negotiations do date. We are strategically interested, though there are no specifics thus far. We are looking into the market," Turlov said.

"We are considering various possibilities, and everything is at the due diligence stage. The holding will issue an official press release if a decision is reached regarding a transaction," Freedom Holding's press service told Interfax in response to a request to comment on reports of the holding's possible purchase of a bank in Portugal.

The Portuguese publication Eco previously reported, citing Turlov, that there could be talk of buying a small bank, and the deal could possibly take place next year.

Freedom Holding provides financial services. The holding has its headquarters in Almaty and representative offices in 14 countries.

Turlov, who is among Kazakhstan's 10 richest entrepreneurs according to Forbes Kazakhstan, renounced his Russian citizenship in 2022. Freedom Holding in February 2023 sold Russian assets, including a brokerage and a bank.