Freedom Finansal Hizmetler A.Ş., a subsidiary of Freedom Holding Corp., has obtained approval from the Banking Regulation and Supervision Agency (BRSA) and the Turkish Competition Authority. The regulators approved the acquisition of a 99.32% stake in the share capital of Turkish Bank A.Ş.
New chapter for Freedom in Turkey
Freedom Holding Corp. CEO Timur Turlov said that Turkey is a strategic market for Freedom and that the holding company is entering it with a clear understanding of what it wants to build.
«In Kazakhstan, we have already demonstrated that a digital ecosystem can become an integral part of people’s everyday lives. In less than two years since its launch, the Freedom SuperApp has grown to 5.67 million users, becoming the fastest-growing digital service in the country. We have brought together financial services and advanced digital products on a single platform, where they seamlessly complement and reinforce one another,» he said.
According to him, Freedom intends to bring its experience to the Turkish market, where the potential customer base is four to five times larger than in Kazakhstan. The bank acquisition provides a foundation for scaling a model that has already proven its effectiveness.
Vladimir Pochekuev, a partner at Freedom Holding Corp. and chairman of the Board of Freedom Finansal Hizmetler A.Ş., said that once the transaction is finalized, together with the brokerage business and capital market operations, the bank will be able to offer clients a unified user experience integrating everyday banking services, payments, savings, lending and investment solutions within a single ecosystem.
«We view Türkiye as a strategic long-term market and are committed to investing in its financial infrastructure, talent, and technological development,» he said.
In the long term, the bank is expected to become one of the key elements of Freedom’s broader regional strategy, providing for closer integration of banking services, capital markets, insurance and cross-border financial solutions. In the future, the ecosystem model could be expanded to include non-financial services, such as e-commerce, telecommunications and lifestyle services.
«Following the completion of the transaction, we will have the opportunity to combine the strength and heritage of an established Turkish banking institution with Freedom’s technology, entrepreneurial culture, and international reach. Our focus moving forward will be on creating tangible value for clients through innovation, accessibility, and a significantly enhanced range of financial products and services. We believe this combination positions us exceptionally well to participate in the next phase of Türkiye’s financial sector development,» H. Cenk Eynehan, chief executive officer of Freedom Finansal Hizmetler A.Ş., said.
Agreement terms
Under the SPA, signed by the parties in February 2026, the Turkish business is the subject of the transaction. The agreement excludes the banking business of the parent TurkishBank Group in the UK and Northern Cyprus, as well as the group’s other assets.
Upon completion of the legal procedures, Turkish Bank A.Ş. will continue to operate under the supervision of the Turkish authorities but will gain full access to the holding company’s international technological expertise in digital financial services.
Freedom ecosystem development
Freedom’s plans to acquire a bank in Turkey were first announced in March 2026. Freedom Holding continues to scale its ecosystem both within Kazakhstan and beyond. Previously, in an interview with Bloomberg, Freedom Holding Corp. CEO Timur Turlov said that the company was exploring entry into the Turkish banking market and was also considering the acquisition of a local marketplace. To finance potential M&A transactions, the group is considering a bond issuance of up to $500 million.
Over the past year and a half, the group’s banking business has significantly expanded its international presence. In October 2024, Freedom launched operations in Tajikistan and in November 2025 received authorization from Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) to establish a subsidiary bank in Georgia. At the same time, the brokerage business continued to expand — in December 2025, the company obtained a license to operate in Abu Dhabi.
In early 2026, Timur Turlov presented the holding company’s new development strategy. Instead of developing separate Freedom services, the company is focusing on building a unified digital ecosystem integrating financial and technology products. The company’s goal is to become a key player and help shape new standards for the development of the region’s digital and financial markets.
Freedom Holding Corp. operates in 21 countries, and its shares are traded on the NASDAQ, Kazakhstan’s KASE, and AIX under the FRHC ticker. The holding company’s operations are regulated by the U.S. Securities and Exchange Commission (SEC), and its shares are included in the Russell 3000 Index.
Freedom Finansal Hizmetler A.Ş., the Freedom subsidiary acting as the acquiring entity of the bank, was established in 2022. The company focuses on long-term financial advisory services and establishing businesses in Turkey’s insurance, payment systems and capital markets.
The acquired asset, Turkish Bank A.Ş., is a commercial bank providing a full range of retail and corporate banking services in the Turkish market and has been operating since 1982. The financial institution is part of TurkishBank Group, a major privately owned banking group founded in 1901 that operates through an international network of branches in Turkey, the UK and the Turkish Republic of Northern Cyprus.
