Freedom Holding acquires Turkish Bank

Freedom Finansal Hizmetler A.Ş., a subsidiary of Freedom Holding Corp., an international diversified financial services group operating in more than 20 countries, today announced that Türkiye’s Banking Regulation and Supervision Agency (BRSA) and Competition Authority of Türkiye has approved its planned acquisition of 99.32% of the share capital of Turkish Bank A.Ş.

BRSA approval is an important step toward completing the transaction and supports Freedom Holding Corp.’s strategy to build integrated financial services platforms in selected growth markets. Upon closing, Turkish Bank A.Ş., a Turkish banking institution with a history dating back to 1982, will become part of the Group’s regional platform in Türkiye, alongside its brokerage, investment and capital markets businesses.

“Türkiye is a strategic 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. In less than two years since its launch, Freedom SuperApp has reached 5.67 million users and has become one of the country’s fastest-growing digital services. We have brought financial services and advanced digital products together on a single platform, allowing them to complement and strengthen one another,” said Timur Turlov, founder and Chief Executive Officer of Freedom Holding Corp.“This is the experience we intend to bring to the Turkish market, where the potential client base could be four to five times larger than in Kazakhstan. The acquisition of a bank creates the foundation for scaling a model that has already proven its effectiveness, and BRSA approval is an important step toward launching it in Türkiye,” Turlov added.

Following completion of the acquisition, Turkish Bank will continue to operate under Turkish regulatory supervision and will gain access to Freedom’s expertise in digital financial services, technology-driven distribution and client-focused product development.

BRSA approval also comes as Freedom Holding is in the final stage of establishing its brokerage business in Türkiye. Final authorization from the Capital Markets Board of Türkiye would allow the Group to expand its financial products and services for retail, affluent and high-net-worth clients, as well as small and medium-sized businesses and corporate clients.

The Bank is expected to support Freedom’s regional strategy by enabling deeper integration of banking services, capital markets, insurance and cross-border financial solutions. Over time, the model may be expanded through non-financial services, including e-commerce, telecommunications and lifestyle offerings.

“BRSA approval is an important step toward implementing our strategy in Türkiye,” said H. Cenk Eynehan, Chief Executive Officer of Freedom Finansal Hizmetler A.Ş. “Following completion of the transaction, we will have the opportunity to combine the heritage and market position of an established Turkish banking institution with Freedom’s technology, entrepreneurial culture and international expertise. Our priority will be to create additional value for clients through innovation, accessibility and an expanded range of financial products and services.”

Freedom plans to implement a modernization and growth program focused on digital transformation, client channels, product expansion and operational efficiency. Integration will focus on technology infrastructure, client experience, product development and cooperation among Freedom’s Turkish business lines.

The transaction is expected to expand Freedom Holding Corp.’s presence across Eurasia, the Middle East and Central Asia and support the Group’s long-term investment strategy in selected growth markets.

The Freedom Holding Corp.'s banking business is already present in Tajikistan. In November last year, The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market granted the holding company approval to establish a bank in Georgia. In early June, Freedom Holding Corp. submitted an application to the French regulator for a banking license. Timur Turlov noted that the company plans to invest approximately €500 million in developing its digital ecosystem in France.

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.

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Source : Freedom Holding Press Release, July 01, 2026.