Timur Turlov, founder and CEO of Freedom Holding Corp., plans to acquire another bank and a local marketplace in Kazakhstan. The company is also looking to purchase a second-tier bank in Turkey. To finance these initiatives, the holding is considering issuing bonds worth up to $500 million, Turlov said.
In an interview with Bloomberg, Turlov noted that several banks in Kazakhstan are currently available for sale. Freedom is prepared to acquire a bank at a price slightly below book value. The goal is to provide Freedom Bank with access to a new corporate client base. The target bank is expected to be comparable in size to Freedom Bank, which has approximately $5 billion in assets and $500 million in capital.
In addition, the holding plans to acquire a local marketplace to strengthen its e-commerce business. No further details have been disclosed so far.
Other markets
As part of its international expansion strategy, Turlov is also seeking to acquire a Turkish bank with a capital of around $300 million. Freedom Holding obtained a brokerage license in the country last year.
«A large number of banks do not meet these requirements,» Turlov said.
The businessman also plans to expand the company’s SuperApp into a full-fledged digital ecosystem in the U.S. He is currently evaluating whether the best approach is to obtain a fintech license or partner with a local bank.
«I’m interested in developing our SuperApp as a digital ecosystem in the U.S. market, and we are exploring the best options,» he said.
Financing
According to Oninvest, Freedom Holding is considering two funding options to support its growth plans. The company could raise capital either through Kazakhstan’s Freedom Bank or directly through Freedom Holding.
Freedom Bank could issue bonds independently, but Turlov described current interest rates — around 9% — as expensive and «absolutely unappealing.» As a result, the holding is considering issuing up to $500 million in bonds through the parent company, targeting U.S. investors.
«We need to build a reputation there, and we understand that this will be a long-term project,» Turlov emphasized.
The group is also exploring opportunities in Eastern markets. It has held meetings with investors in Hong Kong and discussed the possible issuance of yuan-denominated dim sum bonds, which are currently viewed as more attractive than dollar-denominated bonds.
Telecoms and AI
Another major focus for the holding is technology investment. Turlov plans to raise an additional $200 million to $300 million to develop telecommunications infrastructure and data centers. The purchase of chips alone for a new sovereign AI hub, planned in partnership with Nvidia, could cost up to $100 million.
The project aims to create data centers that will provide cloud services to companies such as Amazon and Microsoft, as well as to public agencies and customers requiring significant computing capacity.
According to Freedom Holding Corp.’s financial results for the second quarter of fiscal year 2026, which ended on Sept. 30, 2025, revenue for the first six months reached $1.06 billion. The company generated $526.1 million in revenue in the second quarter alone.
Net profit for the first half of the fiscal year totaled $69.1 million, while profit before tax reached $101 million. Earnings per common share were $1.15.
A significant portion of Freedom Holding’s revenue continues to be reinvested in the development of digital and financial infrastructure, Turlov said.
Timur Turlov is a Kazakhstani businessman and the founder of Freedom Holding Corp. His net worth is estimated at $5.2 billion by Forbes Real Time. Freedom Holding is building a digital ecosystem that includes brokerage services, the digital bank Freedom Bank, insurance companies and lifestyle services. Turlov’s business strategy focuses on Kazakhstan, Europe and the U.S. In Kazakhstan, he is also actively involved in public life and serves as head of the Kazakhstan Chess Federation.
