Freedom Holding has completed the acquisition of a bank in Turkey

A subsidiary of the international holding company Freedom has completed the acquisition of Turkish Bank—the bank will now be renamed Freedom Bank A.Ş., according to a company statement.

The sale of a controlling stake—99.32% of the shares in Turkish Bank—to Freedom Finansal Hizmetler, a subsidiary of Freedom Holding, has been completed. Shareholders approved the new composition of the board of directors and decided to rename the organization Freedom Bank A.Ş.

The asset previously belonged to the Turkish investment holding company Özyol Holding and the National Bank of Kuwait. Freedom’s subsidiary received regulatory approval to acquire the bank in Turkey on July 1. Along with the brand, the company intends to introduce and scale its ecosystem of financial and consumer services in Turkey.

“In Kazakhstan, we’ve created an ecosystem in which financial and everyday [consumer] services are integrated into a single super app, which has become the fastest-growing digital service in the country,” — noted Timur Turlov, founder and CEO of Freedom Holding, commenting on the deal. — Now we are bringing this model to Turkey, where customers already have high expectations of banks, which sets a high bar for us.” According to him, the holding company’s goal in Turkey over the next few years will be to strengthen its capital and technological capabilities in order to develop the Freedom ecosystem around the consolidated bank.

Along with Turkish banker Hikmet Cenk Einehan, Furkan Evranos, an associate professor at Doğuş University in Istanbul, and management consultant Ayşe Hale Yildirim, Turlov joined the board of directors of Turkey’s Freedom Bank A.Ş. Vladimir Pochekuev, a partner in the holding company and chairman of the board of directors of Freedom Broker Global Markets (UAE), has been appointed chairman of the board.

“Turkey plays a particularly important role in Freedom Holding’s global growth strategy. It serves not only as a geographical bridge between Europe and Asia, but also as a strategic gateway connecting key financial markets,” Pochekuev noted.

Turkish Bank, which has been operating in Turkey since 1982, specializes in corporate, commercial, and retail banking services, as well as project financing and fund management, according to information on the bank’s website. In 2008, the National Bank of Kuwait acquired a 34.3% stake in Turkish Bank. According to data from the Turkish Banks Association as of March 2026, Turkish Bank was among the top 50 banks in the country with $159 million in assets.

This article was AI-translated and verified by a human editor