Freedom Holding has received regulatory approval to acquire a bank in Turkey

Freedom Financial Services, a subsidiary of Freedom Holding Corp., has received approval from the Banking Regulation and Supervision Agency (BRSA) and the Turkish Competition Authority to acquire 99.32% of Turkish Bank, according to a company statement.

The Freedom Holding deal applies only to Turkish Bank's operations in Turkey. The bank's branches in the United Kingdom and Cyprus are not included in the deal. The financial terms of the deal, which was signed earlier this year, have not been disclosed.

This acquisition is part of Freedom Holding’s long-term strategy to build a financial services ecosystem in key emerging markets. “We view Turkey as a strategically important market in the long term and are committed to investing in its financial infrastructure, human resources, and technological development,” said Vladimir Pochekuev, a partner at Freedom Holding Corp. and chairman of the board of directors of Freedom Finansal Hizmetler (his remarks are quoted in the press release).

Receiving approval from the Turkish regulator opens the next phase of development for Freedom Holding—scaling its digital ecosystem beyond Kazakhstan. “Turkey is a strategically important market for Freedom, and we are entering it with a clear understanding of exactly what we want to build,” said Timur Turlov, founder and CEO of Freedom Holding, in a press release. “In Kazakhstan, we have already proven that a digital ecosystem can become part of the daily lives of millions of people. In less than two years since its launch, the Freedom SuperApp has attracted 5.67 million users and become the country’s fastest-growing digital service. We’ve managed to combine financial services and cutting-edge digital products on a single platform, allowing them to naturally complement and reinforce one another. It is precisely this experience that we intend to bring to the Turkish market, where the potential audience could be four to five times larger than in Kazakhstan.” According to Turlov, the acquisition of the bank provides the holding company with a foundation for scaling a model that has already proven its effectiveness, and the BRSA’s approval marks an important step toward launching it in one of the world’s most dynamically developing markets.

Once the transaction is completed, Turkish Bank will become a central component of Freedom Holding’s platform in the region, which is expected to include brokerage and investment services as well as capital markets operations. The BRSA’s approval coincides with the final stage of establishing Freedom Holding’s brokerage business in Turkey, the company said.

“Once the transaction is complete, we will be able to combine the reliability and long-standing experience of one of Turkey’s established banks with Freedom’s technology, our entrepreneurial culture, and our international expertise. Going forward, we will focus on creating real value for our customers through innovation, accessibility, and a significantly broader range of financial products and services,” said H. Cenk Eynahan, CEO of Freedom Finansal Hizmetler A.Ş.

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 became a shareholder in Turkish Bank, acquiring a 34.3% stake. According to data from the Turkish Banks Association as of March 2026, Turkish Bank was among the top 50 banks in the country by total assets, with $159 million.

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