International Nasdaq-listed fintech group Freedom Holding Corp. (FRHC) announced that it has signed an agreement to acquire 99.32% of the shares of Turkish Bank A.Ş.
The sellers are Özyol Holding and the National Bank of Kuwait. The transaction is subject to approval by Turkish regulatory authorities. Once completed, Freedom Holding will obtain a full banking license in the Turkish market – a key step in the company’s international expansion.
Entry into one of the region’s largest markets
Turkey is considered one of the most promising financial markets in the region thanks to its large economy and a population of nearly 90 million people. The acquisition of Turkish Bank A.Ş., which has operated in the country since 1982, will give Freedom Holding Corp. immediate access to banking infrastructure and an established customer base.
It is important to note that the deal only includes the Turkish bank. The TurkishBank Group’s divisions in the United Kingdom and Cyprus are not part of the transaction.
For Freedom Holding, this move continues its gradual entry into the Turkish market. Earlier, its subsidiary Freedom Finansal Hizmetler received approval to launch the brokerage firm Freedom Yatırım. Obtaining a banking license will combine brokerage, investment, and banking services within a single financial ecosystem.
“We are entering the Turkish market with our digital ecosystem centered around our SuperApp,” said Timur Turlov, founder and CEO of Freedom Holding Corp..
“The launch of a brokerage firm was the first step, and acquiring a bank is a logical continuation of our infrastructure development in the country,” Turlov added.
Ecosystem of financial services
Freedom Holding’s strategy is built around creating digital platforms that combine banking services, investments, and everyday services in a single app.
The central element of this model is the SuperApp – a platform that allows clients to manage their finances, invest, buy tickets, and access digital services.
According to Timur Turlov, Turkey is a suitable market for developing such a model.
“Turkey has a very active entrepreneurial culture and a rapidly growing digital economy,” he said.
“We are not simply buying a bank. Our goal is to build a digital financial ecosystem that will combine banking services, investment tools, payment solutions, and everyday services.”
The company plans to invest in the technological modernization of Turkish Bank after the deal is completed.
“We see strong potential to accelerate the bank’s digital transformation,” Turlov noted. “Our experience in building scalable technology platforms will help us introduce new services faster and make banking more convenient for customers.”
Focus on retail clients and SMEs
After the completion of the transaction, Freedom Holding Corp. intends to expand the bank’s product lineup, with special attention to retail customers and small and medium-sized businesses (SMEs).
This segment is one of the fastest-growing sectors of the Turkish economy.
“Small and medium-sized businesses are the backbone of Turkey’s economy. We want to offer entrepreneurs modern financing tools, digital payment solutions, and access to investment products. At the same time, retail clients will be able to manage their finances, investments, and payments through a single digital app,” Turlov emphasized.
Focus on the long-term potential of the economy
Freedom Holding views Turkey as a strategically important market with long-term growth potential.
“Turkey’s economy grows at about 3–4% annually and is among the largest in the world,” Turlov noted. “A large population, developed infrastructure, and a high level of digitalization create strong conditions for the development of fintech services.”
Timur Turlov also emphasized that the company plans to invest in long-term business development in the country.
“We are building our strategy for years ahead. It is important for us to form a strong local team, implement our technologies, and gradually develop a full ecosystem of financial services. We are confident that over time Turkey will become one of the key markets for Freedom.” Turlov said.
Hakan Borteçene, Chairman of TurkishBank Group, noted that Freedom Holding’s international platform and technological expertise could contribute to the further development of the bank and Turkey’s financial sector as a whole.
Turkish Bank A.Ş. provides a wide range of banking services, including corporate, commercial, and retail banking.
Part of a global expansion strategy
Entering the Turkish banking market is part of Freedom Holding’s international expansion.
Over the past 18 months, the group’s banking division has entered the Tajikistan market and is currently in the process of acquiring a bank in Georgia. The company’s brokerage business is also expanding: in December 2025, Freedom obtained a license in Abu Dhabi.
According to Timur Turlov, the ecosystem model allows Freedom Holding Corp. to scale more quickly in new countries.
“When banking services, investments, payments, and digital services operate on one platform, they strengthen each other,” he said. “This allows us to offer stronger products and services to customers and develop the business faster.”
Freedom Holding’s digital ecosystem has more than 11 million users across the markets where it operates.
In Kazakhstan, Freedom Bank is among the largest financial institutions in the country. The number of SuperApp users has already reached 5 million, doubling over the past year. By the end of the year, the app’s audience is expected to grow to 8 million users.
SuperApp provides access not only to banking services but also to insurance products, purchasing event tickets, airline tickets and travel packages, online shopping, and various government services.
“We strive to create a platform that becomes part of our clients’ everyday lives. Financial services are gradually turning into digital ecosystems, and we want to be among the leaders in this process,” Turlov said.
Interest in the company from major investors continues to grow. Institutional shareholders of Freedom Holding include BlackRock, Millennium Management, Goldman Sachs, and Morgan Stanley.
The company’s shares were also included in the Russell 3000 Index, which tracks the largest publicly traded companies in the United States.
Additionally, S&P Global Ratings confirmed Freedom Holding Corp.’s credit rating at B- with a stable outlook, noting the company’s financial stability and long-term growth potential.
Outlook
The planned acquisition of Turkish Bank A.Ş. will become an important step in the development of Freedom Holding’s international ecosystem.
“We see enormous potential in the Turkish market and want to build a digital financial platform here,” concluded Timur Turlov. “Our goal is to combine banking services, investments, and everyday digital services into a single ecosystem that will be convenient and accessible to millions of users.”
