- The transaction gives Freedom Holding Corp. direct access to Turkey's banking market, which serves a population of around 90 million people.
NEW YORK, United States, March 11th, 2026, FinanceWire
Freedom Holding Corp. (Nasdaq:FRHC), an international financial technology group founded by entrepreneur Timur Turlov, has announced an agreement to acquire 99.32% of the shares in Turkish Bank A.Ş. The sellers are Özyol Holding and the National Bank of Kuwait. The transaction is subject to approval by the relevant regulatory authorities in Turkey.
The parties had previously announced their intention to conclude the deal, but the key parameters have now been disclosed, including the size of the stake being acquired. The purchase of the bank provides Freedom Holding Corp. with direct access to Turkey’s banking market, which serves a population of around 90 million people, and represents an important stage in the development of the group’s ecosystem in the Turkish market.
The transaction includes only Turkish Bank A.Ş., which has been operating in Turkey since 1982. The TurkishBank Group’s divisions in the United Kingdom and Cyprus are not part of the deal.
The acquisition continues Freedom Holding Corp.’s strategy of developing its own digital infrastructure in the regions where it operates. Earlier, the holding’s subsidiary, Freedom Finansal Hizmetler, received regulatory approval to launch the brokerage firm Freedom Yatirim (Freedom Investment Securities Inc.). Having a banking license will allow the group to combine investment, brokerage, and banking services within a single financial ecosystem.
“We are entering Turkey with our digital product and ecosystem, with our SuperApp at the center,” said Timur Turlov, Chief Executive Officer of Freedom Holding Corp. “Our company is growing rapidly, driven by a strong team of talented professionals, managers, and entrepreneurs whose expertise enables us to scale efficiently. Last year we opened our brokerage office in Turkey, and acquiring a bank is the logical next step in expanding the holding’s presence in a market where we see significant long-term potential.”
“Turkey’s GDP is growing by approximately 3-4% annually, and the country ranks among the world’s largest economies, with a population of more than 85 million people,” Turlov added. “We are confident in our ability to deploy our technologies effectively and build a comprehensive ecosystem that integrates banking services, capital markets, payment solutions, and retail investment products.”
Following the completion of the transaction, Freedom plans to invest in the bank’s technological modernization, accelerate its digital transformation, and expand its product offering with a focus on retail customers as well as the small and medium-sized business segment.
Hakan Borteçene, chairman of TurkishBank Group, emphasized that Freedom’s international platform and digital expertise could contribute to the development of Turkey’s financial sector.
Turkish Bank A.Ş. provides a full range of banking services, including corporate, commercial, and retail banking.
Entering the Turkish banking market is part of Freedom Holding Corp.’s ongoing international expansion. Over the past year and a half, the group’s banking division entered the market in Tajikistan and is currently in the process of acquiring a bank in Georgia. The brokerage business is also expanding geographically: in December 2025 the company obtained a license in Abu Dhabi.
Freedom Holding Corp.’s digital ecosystem already serves more than 11 million users across its markets. In Kazakhstan, Freedom Bank is among the country’s largest financial institutions. The number of users of its SuperApp reached 5 million, doubling within a year, and the bank expects the SuperApp user base to grow to 8 million by the end of the year. The application provides access not only to traditional banking services but also to insurance products, event ticket purchases, online grocery and retail orders, airline tickets and travel packages, as well as a wide range of government services.
Interest in the company from institutional investors is also growing. Among the company’s institutional shareholders are BlackRock, Millennium Management, Goldman Sachs, and Morgan Stanley. The company’s shares were also added to the Russell 3000 Index, which tracks the largest publicly traded companies in the United States.
Further confirmation of the company’s stability is its credit rating from S&P Global Ratings, which reaffirmed Freedom Holding Corp.’s rating at “B-” with a stable outlook, reflecting the stability of its financial position and the holding’s long-term growth potential.
About Freedom Holding Corp.
Freedom Holding Corp. provides financial services in 21 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company’s principal executive office is located in New York City. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, the insurance companies Freedom Life and Freedom insurance, as well as a lifestyle segment that features Arbuz.kz, Freedom Ticketon, and Freedom Travel.
Freedom Holding Corp. shares are traded on the U.S. technology exchange NASDAQ, the Kazakhstan Stock Exchange (KASE), and the Astana International Exchange (AIX) under the ticker symbol FRHC. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC) and the common stock is included in Russell 3000 Index.
Contact
Head of Public Relations
Natalia Kharlashina
Freedom Holding Corp.
[email protected]
+77013641454