Freedom to acquire bank in Turkey and scale SuperApp to the turkish market

Freedom Holding Corp., founded by Timur Turlov, is acquiring the Turkish Bank A.Ş. to develop its digital ecosystem in the country. An agreement to purchase 99.32% of the bank’s shares has been signed with Özyol Holding and the National Bank of Kuwait. The transaction is currently awaiting approval from the Turkish regulator. Freedom Holding Corp. also plans to launch the core element of its ecosystem in Turkey – Freedom SuperApp.

The bank acquisition continues Freedom Holding Corp.’s strategy of building its own digital infrastructure in the regions where it operates. A brokerage company that is part of the holding – Freedom Yatirim (Freedom Investment Securities Inc.) – has already been registered in Turkey.

The acquisition will significantly expand the client base of the holding’s ecosystem, which currently includes more than 11 million users, including partner companies. Today, the banking segment of the holding is developing successfully in the Tajikistan market. The company is also in the process of acquiring a bank in Georgia. Earlier, Freedom Holding Corp. founder Timur Turlov said he does not rule out acquiring a bank in Europe, and also noted the possibility of purchasing another bank in Kazakhstan to combine its customer base with Freedom Bank Kazakhstan.

In Kazakhstan, Freedom Bank is among the country’s largest financial institutions. Since the launch of its SuperApp two years ago, the number of app’s users has reached 5 million. The bank expects this figure to double by the end of the current year.

Freedom SuperApp provides access not only to traditional banking services but also enables users to arrange insurance contracts, purchase event tickets, order groceries and other goods for home delivery, buy airline tickets and travel packages, and access a wide range of government services.

“We are entering Turkey with our digital product and ecosystem, with our SuperApp at the center. 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”, said Timur Turlov, Chief Executive Officer of Freedom Holding Corp. 

Freedom Holding Corp. provides financial services in 21 countries, including Kazakhstan, the United States, the European Union, Central Asia, and the Caucasus. Its principal executive office is located in New York. In Kazakhstan, Freedom is developing an ecosystem that includes Freedom Bank, Freedom Broker, insurance companies Freedom Life and Freedom Insurance, as well as lifestyle services such as Arbuz.kz, Freedom Ticketon, Aviata, and others.

Shares of Freedom Holding Corp. are traded on the U.S. technology exchange NASDAQ, the Kazakhstan Stock Exchange (KASE), and AIX under the ticker FRHC. The company’s market capitalization exceeds $8 billion.