Freedom Holding Corp. Completes Acquisition of Turkish Bank
Rhea-AI Summary
Freedom Holding Corp. (NASDAQ:FRHC) has completed the acquisition, via subsidiary Freedom Finansal Hizmetler A.Ş., of 99.32% of the share capital of Turkish Bank A.Ş., which will be renamed Freedom Bank A.Ş., subject to registration with the Turkish Trade Registry.
The closing followed approvals from Türkiye's Banking Regulation and Supervision Agency and the competition authority, marking Freedom’s formal entry into Türkiye’s banking sector. A new board of directors was elected, including founder and CEO Timur Turlov. According to Freedom Holding Corp., the bank will anchor a broader integrated financial and digital ecosystem in Türkiye, complementing its developing local brokerage Freedom Yatırım Menkul Değerler A.Ş. The Group plans to strengthen the bank’s capital, upgrade technology, expand digital channels, develop new products and improve efficiency, drawing on experience from its Kazakhstan ecosystem serving more than 14 million customers as of March 2026.
Positive
- Acquisition of 99.32% of Turkish Bank A.Ş. completed, renamed Freedom Bank A.Ş.
- Regulatory and competition approvals in Türkiye obtained, enabling banking sector entry
- New board of directors appointed to Freedom Bank A.Ş., including CEO Timur Turlov
- Planned modernization program targeting capital, technology, digital channels and efficiency
- Turkey brokerage arm Freedom Yatırım Menkul Değerler A.Ş. being developed alongside the bank
- Existing ecosystem experience in Kazakhstan serving over 14 million customers as of March 2026
Negative
- None.
Key Figures
Previous Acquisition Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 01 | Bank acquisition approval | Positive | +20.4% | Regulatory approval cleared Freedom's acquisition of a 99.32% Turkish Bank stake. |
| Apr 16 | ChessBase acquisition | Positive | +1.0% | Acquisition of chess software platform with planned ecosystem integration and approximately €5 million investment. |
| Mar 11 | Bank acquisition agreement | Positive | +3.5% | Agreement to acquire 99.32% Turkish Bank stake, pending Turkish regulatory approval. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
All three tag-specific acquisition events had positive 24-hour reactions, ranging from 0.97% to 20.42%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Transaction establishes a banking foundation for Freedom's integrated financial and digital ecosystem in Türkiye
ISTANBUL, TR / ACCESS Newswire / July 31, 2026 / Freedom Holding Corp. (NASDAQ:FRHC), an international diversified financial services group operating in more than 20 countries, today announced that, through its subsidiary Freedom Finansal Hizmetler A.Ş., it has completed the acquisition of
Following completion of the transaction, the financial institution changed its corporate name to Freedom Bank A.Ş. The relevant resolution has been submitted to the Turkish Trade Registry for registration.
The closing follows the receipt of the required approvals from Türkiye's Banking Regulation and Supervision Agency and the Turkish competition authority. It marks Freedom Holding Corp.'s formal entry into the Turkish banking sector and represents an important step in the Group's strategy to build an integrated financial and digital services platform in Türkiye.
Under the transaction, Freedom acquired the
Immediately following the transfer of the shares, a general meeting of shareholders was held, at which a new board of directors was elected.
The Board of Directors of Freedom Bank A.Ş. includes H. Cenk Eynehan, Furkan Evranos, Ayşe Hale Yıldırım and Timur Turlov, founder and Chief Executive Officer of Freedom Holding Corp.
The acquisition, together with the development of Freedom's brokerage and capital markets operations in Türkiye, provides the foundation for the Group to offer a broader range of services to retail, affluent and high-net-worth clients, as well as small and medium-sized businesses and corporate clients.
Freedom plans to develop a comprehensive ecosystem of financial and everyday services in Türkiye, with the Bank at its center.
"In Kazakhstan, we have built an ecosystem in which financial and everyday services operate through a single SuperApp that has become the country's fastest-growing digital service," said Timur Turlov, founder and Chief Executive Officer of Freedom Holding Corp. "We are now bringing this model to Türkiye, where clients already have high expectations of their banks, setting a high standard for us. Our task over the coming years is to strengthen the Bank's capital base and technological capabilities so that an ecosystem can develop rapidly around it."
In Kazakhstan, Freedom's ecosystem brings together banking, brokerage, insurance, payments and investment services, as well as a growing range of lifestyle products, including e-commerce, travel, ticketing and entertainment services. Freedom's ecosystem serves more than 14 million customers across banking, brokerage, insurance, lifestyle and other businesses as of March 2026.
The Group intends to apply the experience gained through the development of this platform to Türkiye while adapting its products, technology and client experience to the needs and expectations of the local market. Freedom plans to implement a modernization and growth program focused on strengthening the Bank's capital position, upgrading its technology infrastructure, expanding digital client channels, developing new products and improving operational efficiency.
The acquisition of the Bank complements Freedom's expansion in Türkiye's capital markets sector. Freedom Yatırım Menkul Değerler A.Ş. was established following the receipt of an establishment license from the Capital Markets Board of Türkiye and is being developed as the Group's local brokerage platform. The Bank and Freedom's brokerage and capital markets operations are expected to form the core of a broader platform serving individuals, entrepreneurs and businesses through a combination of financial products, technology and everyday digital services.
About Freedom Holding Corp.
Freedom Holding Corp. provides financial services in 22 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 Aviata. 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.
Freedom Finansal Hizmetler A.Ş., a wholly owned subsidiary of Freedom Holding Corp., was established in 2022 to support the Group's expansion in Türkiye's financial services sector. The company focuses on financial consulting and investments across banking, insurance, capital markets, payment systems and other financial services, including supporting the capitalization and development of portfolio companies.
In 2025, the Capital Markets Board of Türkiye granted the company an establishment license. Freedom Yatırım Menkul Değerler A.Ş. was subsequently established and is working toward obtaining an operating brokerage license upon meeting the regulator's requirements
Turkish Bank A.Ş. is a commercial bank operating in Türkiye and a member of TurkishBank Group. The bank provides a range of financial services, including corporate, commercial and retail banking solutions.
TurkishBank Group, established in 1901, is a privately owned financial services group operating across Türkiye, the Turkish Republic of Northern Cyprus and the United Kingdom. The Group provides banking, financial and wealth management solutions through an international network.
Contact Information:
Natalia Kharlashina
Head of Public Relations
prglobal@ffin.kz
+77013641454
SOURCE: Freedom Holding Corp.
View the original press release on ACCESS Newswire