Freedom Holding Corp. announced that its subsidiary, Freedom Finansal Hizmetler A.Ş., has received approval from Türkiye’s Banking Regulation and Supervision Agency (BDDK) and Competition Authority for the acquisition of 99.32% of the share capital of Turkish Bank A.Ş.
The approvals represent a significant milestone in completing the transaction and mark an important step in Freedom Holding’s long-term strategy of building an integrated financial services ecosystem across high-growth markets.
Following completion of the acquisition, Turkish Bank, which has operated in Türkiye since 1982, is expected to become a strategic component of Freedom Holding’s regional banking, investment and capital markets platform.
A strategic entry into Türkiye’s banking sector
Under the Share Purchase Agreement signed in February 2026, the acquisition covers only Turkish Bank A.Ş. and does not include TurkishBank Group’s banking operations in the United Kingdom and the Turkish Republic of Northern Cyprus, nor any of the group’s other assets.
Once the transaction closes, Turkish Bank will continue operating under the supervision of Türkiye’s banking regulators while benefiting from Freedom Holding’s international experience in digital financial services, technology-driven distribution models and customer-focused product development.
SuperApp model expected to underpin expansion strategy
Commenting on the development, Timur Turlov described Türkiye as a strategically important market for the group and highlighted plans to replicate the company’s integrated digital ecosystem model developed in Kazakhstan.
“In Kazakhstan, we proved that a digital ecosystem can become an integral part of people’s daily lives. Our Freedom SuperApp reached 5.67 million users in less than two years after launch and became the country’s fastest-growing digital service.
We brought together financial services and advanced digital products within a single platform where they complement and strengthen one another. Now we aim to bring this experience to Türkiye, where the potential customer base is four to five times larger than Kazakhstan’s.”
Freedom’s SuperApp strategy has become a central pillar of the group’s expansion plans and is expected to form the basis of its long-term positioning in the Turkish market.
Integrated financial ecosystem taking shape
The regulatory approvals coincide with the final stages of Freedom Holding’s investment services buildout in Türkiye. Following the receipt of operating authorization from the Capital Markets Board, the group intends to offer banking, investment and capital markets services to retail customers, affluent investors, high-net-worth individuals, SMEs and corporate clients through a single integrated platform.
Vladimir Pochekuev said the approvals mark the beginning of a new phase in Freedom’s Turkish operations.
“The BDDK approval represents an important milestone in our growth strategy in Türkiye and brings us one step closer to building a strong banking platform in one of the region’s most dynamic economies.
Following completion of the transaction, the bank, together with our investment and capital markets activities, will enable us to provide customers with a comprehensive financial experience spanning everyday banking, payments, savings products, lending solutions and investment services under a single ecosystem.”
Modernization and digital transformation plans
Freedom Holding plans to launch a broad modernization program after the acquisition closes, focusing on digital transformation, customer channel development, expansion of products and services and operational efficiency improvements.
The integration process is expected to prioritize technology infrastructure upgrades, customer experience improvements, product innovation and operational alignment across Freedom’s financial entities in Türkiye.
In the longer term, the group aims to strengthen integration between banking, capital markets, insurance and cross-border financial services while potentially expanding the ecosystem into non-financial areas such as e-commerce, telecommunications and lifestyle services.
According to H. Cenk Eynehan, the transaction will combine the legacy of an established Turkish bank with Freedom’s technology-focused culture and international expertise.
“Our priority will be creating tangible value for customers by offering innovative, accessible and more comprehensive financial products and services. We believe this combination will allow us to play an important role in the next phase of Türkiye’s financial sector development.”
Why it matters
The acquisition gives Freedom Holding direct access to one of the region’s largest banking markets while providing the regulatory infrastructure necessary to deploy its integrated digital finance model in Türkiye. The transaction also reflects a broader trend in global financial services, where banking, brokerage, payments and digital ecosystems are increasingly converging into unified customer platforms.
For Türkiye’s financial sector, the deal introduces another international player pursuing a technology-led banking strategy, potentially increasing competition in digital banking, wealth management and embedded financial services over the coming years.
