Freedom Holding Corp. Completes Turkish Bank Acquisition and Begins Building a Digital Ecosystem

Freedom Holding Corp. has acquired Turkish Bank A.Ş., giving the company the infrastructure needed to develop its banking and brokerage businesses in a new market. The holding company plans to invest approximately $300 million in Turkey and, over time, expand its ecosystem and Freedom SuperApp, which has already proved successful in Kazakhstan.

Bank Acquisition Completed

Freedom Holding Corp. officially completed the acquisition of a controlling stake in Turkish Bank A.Ş. On July 31, 2026, the holding company’s subsidiary, Freedom Finansal Hizmetler A.Ş., acquired 99.32% of the bank’s share capital, previously owned by Turkey’s Özyol Holding A.Ş. and the National Bank of Kuwait.

Following the completion of the transaction, the financial institution was renamed Freedom Bank A.Ş. The shareholders held their first meeting and elected a new board of directors.

Vladimir Pochekuyev, a partner at Freedom Holding Corp., was appointed chairman of the board. The board also includes:

• Hikmet Cenk Eynehan, an economist and former CEO of investment bank PASHA Bank Türkiye, who has frequently appeared in Turkish business media;
• Furkan Evranos, a member of the Board of Trustees of Doğuş University and a former independent board member of PASHA Bank Türkiye;
• Ayşe Hale Yıldırım, a financial services specialist and former deputy CEO of PASHA Bank Türkiye;
• Timur Turlov, founder of Freedom Holding Corp.

A New Stage of Business Development in Turkey

In 2025, the holding company received approval to establish the brokerage firm Freedom Yatırım Menkul Değerler A.Ş. Following the bank acquisition, the group can now combine banking and investment services within a single infrastructure.

According to Freedom Holding Corp. CEO Timur Turlov, Freedom plans to invest approximately $300 million in developing its banking and brokerage businesses in Turkey.

“In Kazakhstan, we created an ecosystem in which financial and everyday services operate within a single super app, which has become the country’s fastest-growing digital service. We are now bringing this model to Turkey,” the head of the holding company said.

Timur Turlov has also noted that Turkey’s potential customer base could be four to five times larger than that of Kazakhstan.

An Ecosystem Rather Than a Standalone Bank

Following the integration, the bank will become the central element of a platform combining banking products, investments, payments, lending, insurance and other digital services.

Over time, the ecosystem may also be expanded to include non-financial areas such as e-commerce, telecommunications and lifestyle services.

In Kazakhstan, this model has already proved effective. In less than two years, Freedom SuperApp became one of the country’s fastest-growing digital services, bringing millions of users together on a single platform offering financial and everyday services. The holding company now intends to scale this experience across international markets.

Why Freedom Chose Turkey

The company’s management currently views Turkey as one of the key markets for its international expansion.

Vladimir Pochekuyev, chairman of the board of Freedom Bank A.Ş., said the country plays an important role in the holding company’s global strategy due to its geographical position and developed financial system.

“Turkey holds a special place in Freedom Holding Corp.’s global growth strategy. It is a strategic gateway between Europe and Asia, connecting some of the world’s largest financial markets,” he emphasized.

Hikmet Cenk Eynehan, CEO of Freedom Bank A.Ş., also highlighted the scale of the local banking market. According to him, the total assets of Turkey’s banking sector reached TRY 46.9 trillion at the end of 2025.

He said the bank’s primary objective would be to create a new level of customer experience for both retail and corporate clients.

Kazakhstan’s Ecosystem Expands Across Regions

The holding company already operates in 22 countries worldwide. In addition to Central Asia and Europe, the company is actively expanding its presence in the Middle East.

In 2025, Freedom received approval to establish a bank in Georgia. In 2026, it applied for a banking licence in France, where it plans to invest up to €500 million in creating a digital bank and developing financial infrastructure.

The Turkish project therefore forms part of a broader strategy to build an international network of digital banks and investment services.

The company expects that combining banking operations, brokerage services and its proprietary technology platform will accelerate the development of the Freedom Holding Corp. ecosystem in one of the region’s largest financial markets.