Freedom Holding delays plans to enter Portugal's banking market until 2026

ASTANA. May 29 (Interfax) - Freedom Holding Corp. remains interested in entering Portugal's banking sector but will revisit the matter next year, CEO Timur Turlov told Interfax.

"We currently don't have a specific target in focus, but we plan to revisit this next year. No active steps are being taken on this issue at the moment," Turlov said on the sidelines of the Astana International Forum, responding to a question about previously announced plans to acquire a bank in Portugal.

He said preparation for such a deal would be complex, and the potential acquisition target remained unclear.

"While we remain interested in this opportunity, the right conditions, available resources, and a suitable target must all align. We haven't yet identified one that meets our criteria," Turlov added.

Last spring, Portuguese publication Eco reported, citing Turlov, that the company was considering the purchase of a small bank, with a deal expected in 2025. At the time, Freedom Holding's press service confirmed due diligence was underway but said no final decisions had been made.

Turlov later said the plans had been postponed, suggesting that favorable regulatory conditions for approval might emerge in 2025.

The Nasdaq-traded Freedom Holding Corp., registered in Nevada, operates subsidiaries in 22 countries, including Kazakhstan, the U.S., Cyprus, Poland, Spain, Uzbekistan, and Azerbaijan. The holding company is headquartered in Almaty. Turlov is the company's founder.