Freedom Holding has received approval to acquire Turkish Bank in Turkey
Freedom Finansal Hizmetler, a subsidiary of Freedom Holding Corp., has received official approval from the Banking Regulation and Supervision Agency of Turkey (BRSA) and the Turkish Competition Authority to acquire 99.32% of the shares in Turkish Bank.
This paves the way for the holding company to develop its own financial ecosystem in the Turkish market.
However, the deal covers only Turkish Bank’s Turkish operations. The bank’s branches in the United Kingdom and Cyprus are not included in the transaction. The parties have not disclosed the financial terms of the acquisition, which was signed earlier this year.
The acquisition of Turkish Bank is part of Freedom Holding’s long-term strategy aimed at creating a digital ecosystem of financial services in promising international markets.
Vladimir Pochekuev, a partner at Freedom Holding Corp. and chairman of the board of directors of Freedom Finansal Hizmetler, emphasized that Turkey is one of the company’s key areas of development.
“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,” he noted.
Obtaining the BRSA license marks the next stage in the holding company’s international expansion—scaling its digital ecosystem beyond Kazakhstan.
Timur Turlov, founder and CEO of Freedom Holding, emphasized that the company has already successfully implemented a similar model in the Kazakhstani market.
“For Freedom, Turkey is a strategically important market, and we are entering it with a clear understanding of exactly what we want to build. 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. It is 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,” Turlov said.
According to him, the acquisition of Turkish Bank lays the foundation for implementing a proven business model in one of the world’s most dynamic financial markets.
Upon completion of the deal, Turkish Bank will become the central element of Freedom Holding’s platform in Turkey. The company plans to integrate banking services, brokerage operations, investment services, and capital market transactions.
Freedom also reported that receiving the BRSA license coincided with the final stage of establishing the holding company’s brokerage business in Turkey.
H. Cenk Einehan, CEO of Freedom Finansal Hizmetler A.Ş., stated:
“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 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.”
Turkish Bank has been operating in the Turkish market since 1982. The financial institution specializes in corporate banking, commercial banking, private banking, project finance, and investment fund management.
In 2008, the National Bank of Kuwait became a shareholder in Turkish Bank, acquiring a 34.3% stake. According to the Turkish Banks Association, as of March 2026, the bank was among the country’s 50 largest banks by total assets, which were estimated at approximately $159 million.
This was reported by Timur Turlov, CEO of Freedom Holding Corp.
Earlier, the U.S. Securities and Exchange Commission (SEC) sent a Wells notice to Freedom Holding CEO Timur Turlov. This is mentioned in the company’s annual financial report, which also refers to possible violations of regulatory requirements.
Freedom Holding and Turlov have challenged the SEC’s “preliminary conclusion.” The U.S. regulator has effectively concluded its investigation, according to Oninvest.
As a reminder, Timur Turlov faced a wave of negative publicity after moving to Kazakhstan.
