Freedom Holding Corp. to Acquire 99.32% Stake in Turkish Bank A.Ş.

Rhea-AI Summary

Freedom Holding Corp. (Nasdaq:FRHC) agreed to acquire 99.32% of Turkish Bank A.Ş. from Özyol Holding and National Bank of Kuwait, subject to Turkish regulatory approval. The deal excludes TurkishBank Group units in the UK and Cyprus.

Freedom plans technological modernization, digital expansion via its SuperApp and integration of banking, brokerage, and payment services; the holding cited a Turkish market of ~90 million people, 11 million existing ecosystem users, and an S&P rating of B- with stable outlook.

Positive

• Acquisition of 99.32% stake in Turkish Bank
• Direct access to Turkey's ~90 million population market
• Combines banking, brokerage and payment services into one ecosystem
• Digital ecosystem serving 11 million users
• S&P rating reaffirmed at B- with stable outlook

Negative

• Transaction is subject to Turkish regulatory approval
• Deal excludes TurkishBank Group operations in the UK and Cyprus
• S&P rating of B- remains below investment grade

News Market Reaction – FRHC

+3.49%

+3.49% Session close to close

In the Mar 11 session, FRHC gained 3.49%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement describes Freedom Holding Corp.’s agreement to acquire 99.32% of Turkish Bank A.Ş....

Analysis

This announcement describes Freedom Holding Corp.’s agreement to acquire 99.32% of Turkish Bank A.Ş., extending its digital ecosystem into Turkey’s sizeable banking market. It builds on prior regional expansion, including new licenses and earlier bank acquisitions, and comes alongside a reaffirmed B- credit rating with a stable outlook. Recent filings show active insider transactions and continued balance-sheet growth, so investors may focus on regulatory approvals, integration progress, and how the Turkish platform contributes to user and revenue growth over time.

Key Figures

Stake acquired: 99.32% of Turkish Bank A.Ş. Turkey banking population: around 90 million people Turkey population reference: more than 85 million people +5 more

8 metrics

Stake acquired 99.32% of Turkish Bank A.Ş. Planned acquisition stake in Turkish Bank A.Ş.

Turkey banking population around 90 million people Population served by Turkey’s banking market mentioned in deal rationale

Turkey population reference more than 85 million people Additional population reference in CEO commentary

Turkish Bank A.Ş. inception since 1982 Operating history of Turkish Bank A.Ş. in Turkey

Ecosystem users more than 11 million users Freedom Holding Corp. digital ecosystem user base

SuperApp users current 5 million users Number of Freedom Bank SuperApp users in Kazakhstan

SuperApp users target 8 million users Expected SuperApp user base by the end of the year

Credit rating B- with stable outlook S&P Global Ratings credit rating for Freedom Holding Corp.

Historical Context

4 past events · Latest: Feb 10 (Positive)

Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 10	Nine‑month earnings	Positive	+1.8%	Reported asset and equity growth, strong cash, and customer expansion.
Feb 09	Q3 FY2026 earnings	Positive	+1.8%	Detailed quarterly and nine‑month revenue and net income growth metrics.
Nov 22	ESG report	Positive	+1.0%	Published 2025 sustainability report with ESG investments and workforce metrics.
Nov 13	Conference sponsorship	Positive	-1.7%	Announced FT Global Banking Summit sponsorship and ecosystem growth milestones.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent earnings and corporate updates have more often seen modestly positive price reactions, with occasional divergences on strategic or branding news.

Recent Company History

Over the last few months, Freedom Holding Corp. reported expanding assets to $12.38B, shareholders’ equity of $1.40B, and quarterly net income of $76.2M with diluted EPS of $1.25. Revenue for Q3 FY2026 reached $628.6M, and 1H FY2026 revenue totaled $1.06B with net income of $69.1M. The company has grown brokerage and banking customers and executed acquisitions like Astel Group Ltd, alongside ESG investments and brand-building initiatives such as sustainability reporting and conference sponsorships.

Key Terms

superapp, credit rating, russell 3000 index

3 terms

superapp technical

""We are entering Turkey with our digital product and ecosystem, with our SuperApp at the center,""

A superapp is a single mobile application that bundles many everyday services — such as messaging, payments, shopping, ride-hailing and bookings — so users can do most tasks without leaving the app. Think of it as a digital mall or Swiss Army knife for smartphones. Investors care because a successful superapp can lock in users, create multiple revenue streams and lower costs of acquiring customers, but it also concentrates regulatory and competitive risks in one platform.

credit rating financial

"Further confirmation of the company's stability is its credit rating from S&P Global Ratings,"

A credit rating is an independent assessment, usually given as a letter grade, of how likely a borrower is to repay its debt on time. It matters to investors because the rating signals how risky a bond or loan is — like a personal credit score for a company or government — and influences the interest the borrower must pay, the price investors will accept, and whether certain funds can hold that security.

View in glossary

russell 3000 index financial

"The company's shares were also added to the Russell 3000 Index, which tracks the largest publicly traded companies"

A broad stock market index that tracks the performance of the roughly 3,000 largest publicly traded U.S. companies by total market value, representing almost the entire U.S. equity market. Investors use it like a big basket or thermometer: it provides a simple snapshot of overall U.S. stock market health, serves as a benchmark for funds and portfolios, and helps measure diversification, risk and returns over time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, March 11, 2026 (GLOBE NEWSWIRE) -- 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.
prglobal@ffin.kz
+77013641454

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3307264f-09d6-4782-a460-1fade439b5e9

FAQ

What stake is Freedom Holding (FRHC) acquiring in Turkish Bank A.Ş. on March 11, 2026?

Freedom Holding is acquiring 99.32% of Turkish Bank A.Ş. as announced March 11, 2026. According to the company, the sellers are Özyol Holding and the National Bank of Kuwait and the deal is subject to Turkish regulatory approval.

How will the FRHC acquisition of Turkish Bank affect Freedom's digital ecosystem and SuperApp growth?

The acquisition is meant to integrate banking into Freedom's SuperApp ecosystem, expanding product scope. According to the company, the holding plans tech modernization and to combine banking, brokerage, payments and retail products within its SuperApp.

Is the Turkish Bank A.Ş. acquisition by FRHC conditional or final?

The transaction is conditional pending regulatory clearances in Turkey. According to the company, the deal requires approval from relevant Turkish authorities before completion and excludes UK and Cyprus units.

What market scale does the FRHC acquisition target in Turkey and how many users does Freedom report?

The acquisition positions FRHC in Turkey's market of roughly 90 million people. According to the company, its digital ecosystem already serves 11 million users across its markets.

How does the FRHC deal affect the company's credit profile and investor recognition?

Freedom Holding retains an S&P rating of B- with a stable outlook and inclusion in the Russell 3000. According to the company, institutional investors include BlackRock and Goldman Sachs, reflecting growing institutional interest.