Freedom Receives Turkish Regulator’s Approval to Acquire Turkish Bank A.Ş.

Freedom Finansal Hizmetler A.Ş., a Turkish company that is part of Freedom Holding Corp., announced that Türkiye’s Banking Regulation and Supervision Agency (BRSA) and Competition Authority of Türkiye have approved the acquisition of a 99.32% stake in Turkish Bank A.Ş.

Freedom’s intention to acquire a bank in Türkiye first became known in March of this year. According to Timur Turlov, CEO of Freedom Holding Corp., the holding company plans to invest approximately $300 million in developing its ecosystem in Türkiye.

Upon completion of the transaction, Turkish Bank A.Ş. will become part of Freedom’s regional platform in Türkiye alongside the Group’s brokerage arm, Freedom Yatırım.

“Türkiye is a strategically important market for Freedom, and we are entering it with a clear understanding of what we want to build. In Kazakhstan, we have already proven that a digital ecosystem can become part of people’s everyday lives. Less than two years after its launch, Freedom SuperApp has attracted 5.67 million users and become one of the country’s fastest-growing digital services. We have brought financial services and modern digital products together on a single platform, allowing them to strengthen and complement one another,” said Timur Turlov, founder and CEO of Freedom Holding Corp.

Turlov has previously noted that Türkiye’s potential customer base could be four to five times larger than Kazakhstan’s.

“The acquisition of the bank creates a foundation for scaling a model that has already proven effective, while BRSA approval is an important step toward launching it in Türkiye,” Turlov added.

Upon completion of the transaction, Turkish Bank will continue to operate under the supervision of Turkish regulators while gaining access to Freedom Group’s expertise in digital services.

BRSA approval has also been received at the final stage of establishing Freedom’s brokerage business in Türkiye. In 2025, Türkiye’s Capital Markets Board granted the company a license to establish a brokerage firm. Following this, Freedom Yatırım Menkul Değerler A.Ş. was established and is currently undergoing the process of obtaining a full brokerage license after meeting all regulatory requirements.

“Today, Freedom has moved even closer to the beginning of a new chapter in its history in Türkiye,” said Vladimir Pochekuev, Partner at Freedom Holding Corp. and Chairman of the Board of Directors of Freedom Finansal Hizmetler A.Ş. “We are grateful to BRSA for its constructive engagement throughout the process. Once the transaction is completed, the bank, together with our brokerage and investment businesses, will enable us to offer customers a more integrated experience, bringing together everyday banking, payments, savings, lending and investment solutions.”

The bank is expected to become an important part of Freedom’s regional strategy, enabling deeper integration of banking services, capital markets, insurance and cross-border financial solutions. In the future, the model may be expanded to include non-financial services, including e-commerce, telecommunications and lifestyle segments.

“BRSA approval is an important step in implementing our strategy in Türkiye,” said H. Cenk Eynehan, CEO of Freedom Finansal Hizmetler A.Ş. “Upon completion of the transaction, we will have the opportunity to combine the long-standing experience and market position of one of Türkiye’s well-known banks with Freedom’s technology, entrepreneurial culture and international expertise. Our priority will be to create additional value for customers through innovation, accessibility and a broader range of financial products and services.”

Freedom plans to implement a modernization and development program focused on digital transformation, the development of customer channels, expansion of the product offering and improvement of operational efficiency. The integration will be aimed at developing technological infrastructure, improving customer experience, creating new products and strengthening cooperation between all of Freedom’s business lines in Türkiye.

The transaction is expected to enable Freedom Holding Corp. to strengthen its presence in Eurasia, the Middle East and Central Asia, while supporting the Group’s long-term investment strategy in high-potential markets.

Freedom Holding Corp. operates in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain and other European countries, as well as Uzbekistan, Tajikistan and Armenia. In November last year, Kazakhstan’s Agency for Regulation and Development of the Financial Market granted the holding company approval to establish a bank in Georgia.

In June of this year, the holding company submitted an application for a banking license in France. Freedom plans to invest approximately €500 million in developing digital infrastructure in the country.

Freedom Holding Corp. shares are traded on the U.S. Nasdaq Stock Market, the Kazakhstan Stock Exchange (KASE) and the Astana International Exchange (AIX) under the ticker symbol FRHC. The holding company is regulated by the U.S. Securities and Exchange Commission (SEC). The holding company’s subsidiaries are regulated by the supervisory authorities of all jurisdictions in which Freedom operates.